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Agency gets Sh388m more to rescue Kenya from ‘dirty money’ list
Failure to satisfy FATF requirements could expose Kenya to heightened international scrutiny, slower cross-border transactions and increased compliance costs for banks and businesses.
Lawmakers have recommended an additional Sh388.16 million allocation to Kenya’s anti-money laundering agency for the fiscal year starting July to rescue Kenya from the global dirty money “grey list” and avert deeper scrutiny of its financial system.
The National Assembly’s Departmental Committee on Finance and National Planning said the funding is intended to strengthen operations at the Financial Reporting Centre (FRC) and help Kenya close compliance gaps identified by the Financial Action Task Force (FATF), the global anti-money laundering watchdog.
