The International Monetary Fund (IMF) has called for stringent checks on corruption-related money laundering risk in banks and other higher-risk sectors using financial intelligence tools.
Kenya has recently witnessed an increase in suspected money-laundering schemes, with billions of shillings seized from companies and individuals, according to a report on Nation.Africa newspaper.
The US State Department warned of laxity among Kenyan officials in the global fight against money laundering, with officials tipping suspects to move assets before seizure.
In addition, a team from 19-country Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) is likely to issue an evaluation report on the effectiveness of Kenya’s financial systems and laws in fighting money laundering and terrorism financing in September, the report said.
(Seban Scaria email@example.com)