 Afrika luzes almost 324 trillion Uganda shillings in illicit financial flows every year. In 2020 alone, an estimated 5.4 trillion Uganda shillings was laundered through the Uganda economy. These illicit financial flows are caused by corruption, exploitation of Uganda's natural resources, trade misinvosing, criminal activities including human trafficking and abusive tax practices of multinational companies. What these crimes have in common is the use of anonymous companies to hide their ill-gotten wealth. To address this, the African Union and United Nations recommended that African countries create beneficial ownership registries to stop this exodus of money. What is beneficial ownership? It is identifying those individuals that own, control and receive benefits from a company. Why is beneficial ownership transparency important? A World Bank study on corruption showed that the most common method to hide ill-gotten wealth was through the use of companies whose owners are unknown. Similarly, major oil companies involved in Uganda's oil sector are registered in tax havens to avoid paying taxes. For example, Heritage Oil and Gas moved its company to Mauritius to avoid paying more than a trillion Uganda shillings in taxes to the Uganda government. Transparency about such companies and the people who own them will enhance the government's ability to collect domestic revenues and in turn provide better public goods and services. In 2020, Uganda joined the Extractive Industry Transparency Initiative. This membership can boost the investment climate and strengthen tax collection. One of the EITI requirements is that Uganda implements beneficial ownership obligations for the mining and oil sector. Uganda currently has three different laws that apply their own approach to beneficial ownership. However, these current beneficial ownership laws are insufficient. To meet best international practices, Uganda should do the following. First, Uganda should create one consistent definition of beneficial ownership to ensure a unified approach across all government agencies. Second, the law should require all companies to collect key identifying information of their beneficial owners and specify when this information needs to be updated. And most importantly, a central beneficial ownership registry that stores all this information should be created. Only through strong beneficial ownership laws can we prevent illicit financial flows from Uganda.