Analysis - Kenya's banking industry has in recent years been in the crosshairs of national, regional and international watchdogs, given the country's role as a financial hub in eastern Africa. In 2023 Kenya enacted laws to curb money laundering and combat terrorism financing.
. A grey list contains countries that are actively working with the Financial Action Task Force to address loopholes in countering money laundering, terrorist financing, and proliferation financing.Money gained illegally can be laundered by placing it into the financial system, through banks. Those who launder money typically engage in. This is the breaking down of large sums of money into smaller transactions so as to evade the reporting threshold and to avoid suspicion.
Report suspicious transactions and cash transactions of US$15,000 or more to the Financial Reporting Centre, an agency created under the same law for the purpose of fighting money laundering. Corrupt individuals working in banks can assist in money laundering. Banks should vet staff when they hire them, especially those in sensitive roles, and continuously monitor them.
The public and private sectors should collaborate actively. In Kenya the Financial Reporting Centre and the Law Society of Kenya are working together towards implementing the anti-money laundering provision which requires lawyers to report entities that make suspicious transactions.
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