Kenya, US collaborate in fight against money laundering

By: TheStar

Kenya President William Ruto has vowed to continue fighting money laundering and terrorism after announcing a collaboration with the United States on Friday.

Speaking in Mombasa, the Head of State said the two countries will work in tandem to root out the vices that have proved to be a headache.

“Kenya will continue working with the U.S. Government to strengthen its laws and regulations on money laundering and financial terrorism,” Ruto said.

The President hosted Under Secretary of the Treasury for Terrorism and Financial Intelligence of the United States Brian Nelson at State House in Mombasa.

Ruto also noted that firm regulatory and administrative enforcement on the source and flow of illicit funds will effectively promote integrity and stability in our financial system, thereby spur economic growth.

A Cabinet meeting chaired by President Ruto last week approved the Anti-Money Laundering and Combating of Terrorism Financing Amendments Bill, 2023.

The bill proposes to relax rules requiring customers to disclose details on source, use, and beneficiaries before withdrawing or depositing at least Sh1 million in cash.

Currently, the law requires commercial banks to report all transactions above Sh1 million to the Financial Reporting Centre (FRC) daily.

The Bill, which will now be tabled in parliament proposes to increase the reporting threshold by 50 percent.