Kenya is asking for more time to seal loopholes that landed it in the Financial Action Task Force’s (FATF) ‘grey list’ last month, even as it promises a “swift exit” ahead of a review in April.

Prime Cabinet Secretary Musalia Mudavadi who is also Cabinet Secretary for Foreign and Diaspora Affairs, last week told a meeting of European diplomats that Kenya has requested FATF for more time to completely tackle the deficiencies but hoping to exit the list soon.“I am certain that the upcoming FATF review in April 2024 will note the progress Kenya is making through legal and institutional reforms to ensure financial transparency, curb illicit financial flows and combat money laundering and terrorism financing,” Mr Mudavadi told a European Union diplomatic corp.“In the meantime, Kenya has engaged FATF, seeking more time to allow for effective implementation of the necessary measures to check these vices.”Read: Financial crime watchdog adds Kenya to 'grey list'Mr Mudavadi said while the government has put in place several measures to curb money laundering and financing of terrorism, it is still facing several challenges, for which it seeks the European Union’s help.

He spoke to the European Union group of diplomats led by the Head of the European Union Delegation to Kenya Henriette Geiger.“We seek the support of the EU and our other international partners to develop capabilities for diverse actions and instruments in this dynamic environment,” he said.“I wish to reassure your Excellences that Kenya is committed to combat money laundering, terrorism financing and proliferation risks. The Government of Kenya is working tirelessly towards a swift exit from the grey list.”Kenya was placed on the grey list on February 23, with the FATF noting that the country’s existing anti-money laundering and combating of financing of terrorism (AML/CFT) laws were still not up to international standards. The grey list contains countries whose AML/CFT laws do not match international standards, leaving loopholes for criminals to use the conventional financial system to launder money finance terrorists.

Being on the grey list essentially means the international watchdog will now increasingly monitor Kenya, checking progress dealing with the said deficiencies.

Kenya this year entered the grey list alongside Namibia, while Uganda, Barbados, Gibraltar, and the United Arab Emirates exited the listing during the last review on February 23. Other African nations on the list of 21 countries are Tanzania, South Sudan, South Africa, Nigeria, Burkina Faso, Cameroon, Mozambique, Mali, Senegal, and the Democratic Republic of Congo. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (