By James Anyanzwa
The boardÂfs chairman John Wanyela said the Ministry of Finance and Central Bank had agreed to provide office space and second staff to the FRC on an interim basis.
The FRC has been established pursuant to Section 21 of the Proceeds of Crime and Anti-Money Laundering Act 2009.
Wanyela said the centre will identify proceeds of crime and combat money laundering.
He said the centre will operationalise the Proceeds of Crime and Anti-Money Laundering Act and receive and analyse reports of unusual or suspicious transactions that may be associated with money laundering and forward them to appropriate law enforcement authorities for action including prosecution.
"FRC shall also develop anti-money laundering policies in consultation with the AML Advisory Board," said Wanyela.
Kenya recently joined its East African Community (EAC) member States in the fight against money laundering by enacting a legislation that is meant to go a long way in curbing the vice.
KenyaÂfs Proceeds of Crime and Anti-Money Laundering (AML) Act, which was signed in December 2009 and came into effect on June 28, 2010, aims to identify, trace, freeze as well as seize proceeds of crime.
The AML Law seeks to establish a Financial Reporting Centre and Assets Recovery Agency to criminalise money laundering and further require reporting institutions to take measures to help combat money laundering.
Tanzania, Rwanda and Burundi put in place such legislation. Uganda is expected to enact the same in the 2010/2011 financial year. Tanzania has had its AML Law since 2006.
The Act ensures KenyaÂfs compliance with anti-money laundering standards set by the Financial Action Task Force on Money Laundering, an intergovernmental body that fights money laundering and terrorist financing globally.