Bunge la Mwananchi president Francis Awino’s plea on money laundering
Bunge la Mwananchi, a renonwed activist group, has urged President William Ruto to curb money laundering in the country.
Through chairman Francis Awino, the social justice movement expressed concern over the increasing cases of money laundering and urged for decisive measures to address the issue.
“We want to call upon our President to help combat illegal practices in the country including money laundering,” said Awino.
Awino’s call comes weeks after the country was placed on the ‘grey list’ by Financial Action Task Force (FATF), a global anti-money laundering watchdog.
The move by FATF will likely to hurt Nairobi’s standing as the financial centre of the region.
The grey list refers to countries that have deficiencies in dealing with money laundering and terrorist financing.
As a result, Kenya will be under increased scrutiny by the FATF, with the country expected to make critical changes to its financial infrastructure to reduce the risk of being a haven for dirty money.
Kenya, known as a financial hub in East and Central Africa, was also flagged for its involvement in illicit gold trade and as a transit point for drug and wildlife traffickers.
The country’s law firms, casinos, and real estate agents have been identified as facilitators of money laundering, adding to concerns raised by global watchdogs.
The government’s efforts to prevent such damning ratings suffered a setback despite amendments made to laws against money laundering and terrorism financing, including the AML/CFT (Amendment) Act, 2023.
Confirming Kenya’s placement on the ‘grey list’ by the Financial Action Task Force (FATF), the National Treasury expressed its commitment to enhancing monitoring to ensure compliance with international anti-money laundering, counter-terrorism financing, and weapons proliferation regulations.
In a statement, National Treasury Cabinet Secretary Professor Njuguna Ndung’u addressed the recent development, emphasizing the need for continued efforts to strengthen Kenya’s financial integrity and combat illicit financial activities.
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