201810.01

Uganda: the Role of Financial Institutions in Fighting Counterfeiting

In Kampala, bankers and anti-counterfeiting specialists have come together to find effective solutions against this scourge that literally floods the country with goods of mediocre and dangerous quality. According to the UNBS (Uganda National Bureau of Standards), at least 50% of all goods on the Ugandan market are false. Financial institutions in Uganda have been urged to blacklist companies involved in counterfeiting.
Mr. Muwema, Head of Legal and Public Affairs of the Anti-Counterfeiting Network (ACN), said counterfeiting companies were a serious threat to the financial sector and needed to be tackled by all means, including by denying them access to credit: “Big counterfeit dealers receive credit from banks just like the genuine dealers. There is a big risk if the counterfeit goods are impounded and banks cannot retrieve their money. This may increase the rate of bad loans. Apart from that, counterfeit businesses kill the genuine businesses who would be bigger customers to the financial institutions.” In doing so, Mr. Muwema urged financial institutions to check their clients’ backgrounds, learn about their businesses, and enforce strict requirements regarding authenticity (ChimPReports, 28 Sept. 2018).

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