KAMPALA- The Internal Security Organization (ISO) has bust a criminal gang which has been dealing in printing and has been planning to inject billions of counterfeit United States dollar notes into the Ugandan economy with an intention of funding criminal activities in the country.
According to the Director General of Internal Security Organisation (ISO), Col Kaka Frank Bagyenda, the aim of the dealers is to pump the fake dollars into the economy and getting the real money with the aim of funding chaos in the 2021 general elections.
Col Kaka told our reporter that the intelligence agency has already picked some suspects found with the counterfeit US notes worth billions of Uganda shillings.
According to security pundits, if left unchecked, the circulation of counterfeit currencies can undermine national economies, weaken financial institutions and jeopardize people’s livelihoods.
“It fuels the underground economy and finances the activities of organized criminal networks and terrorists” Col Kaka said.
He said that apart from causing insecurity, fake currency poses huge socio-economic problem and its impact on general crime on society is serious as more and more educated unemployed youth are attracted towards the counterfeit racket.
“This can better be described as a dangerous facet of economic terrorism,” He said.
Pumping fake currencies is also one of the sub-conventional warfare strategies that can be pursued by enemies of Uganda and the objectives behind are to subvert Ugandan economy and to fund criminal networks most especially at the time when the country is going to the general elections in 2021 when tempers normally flare high.
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