As cyber crime increases in financial institutions in the country and abettors of the crimes getting very simple sentences the central bank is in the process of working on amendments into the financial act that will be more biting in a bid to crack down on cyber crimes in the financial market.

Speaking at the opening of a two days colloquiam for judges and magistrates organized by the Uganda bankers association, the deputy central bank governor, Prof. Louise Kasekende mentions that for the past four years they have been working on this law that will now take care of macro financial institutions that will take care of individual stability also and cautions the bankers and judiciary to accept move with fast changes in technology if we are to encounter cyber crimes in the finance sector.

Meanwhile, the acting chief justice, Hon. Justice Stephen Kavuma assures the bankers and general public that the judiciary is now working round the clock to reduce the case backlog noting that only 10 cases related to financial fraud have been concluded and only 20 remaining and its upon this matter that he cautions financial markets and policy makers to set up laws that will protect developing markets from foreign shocks from developed markets as well as banks not hiding fraud cases under the carpets of their banks.Cue.Kavuma.Eng.

Principal Judge, Yorokam Bamwine emphasizes the need for both bankers and judiciary to handle the issues of financial fraud with much more vigor since it has grown and the criminals are walking away with lighter sentences.