Kenya has begun steps to combat money laundering and enhance its financial integrity.
Cabinet on Friday, July 7 approved the Anti-Money Laundering and Combating of Terrorism Finance Laws (Amendment) Bill of 2023.
The Bill, according to a circular dated Friday, July 7, reviews laws related to anti-money laundering, anti-terrorism financing, and counter-financing of the spread of weapons of mass destruction.
State House Spokesperson Hussein Mohamed, said that the Bill will introduce several measures to detect and prevent money laundering activities in the country.
“The Amendment Bill proposes legal and policy reforms to address technical compliance deficiencies identified in Kenya’s second anti-money laundering and counter-terrorism financing report,” said Hussein.
“Some of the measures to be adopted include the supervision and enforcement of terrorism financing, reporting of suspicious transactions, transparency of beneficial ownership and combating terrorism financing.”
Other stringent measures include the introduction of stricter penalties on individuals found guilty of money laundering offences.
Additionally, the proposed Amendment bill aims at meeting the required standards set by the Financial Action Task Force (FATF), an inter-governmental organisation that seeks to effectively deal with financing terrorist activities and money laundering.
According to the statement, the proposed Bill by the Cabinet covers various benefits including increased transparency in financial dealings and broadening of criminal charges when one is caught.
The Bill will be presented to Parliament for approval.