Kenya was placed on the Financial Action Task Force (FATF) grey list in February 2024 after an evaluation of the country’s adherence to global standards for combatting money laundering and related financial crimes found weaknesses. FATF, the Paris-based global watchdog for anti-money laundering and counter-terrorism financing standards, identified weaknesses in...
How you can detect, help break the cycle of human trafficking
Human trafficking seems far off from our personal experiences or reality, doesn't it? Most of us perceive it as something that happens to others, but perhaps not to us, or people we know. The truth is, it is happening around us, more often than we know and to people we...
Curbing Illicit Finance Through Tax Transparency
According to the State of Tax Justice Report of 2021, countries are losing a total of US$ 483 billion in tax annually to global tax abuse committed by Multinational Corporations (MNCs) and wealthy individuals. This amount would be sufficient to vaccinate the global population against CovId-19, three times over! Of the US$...
The army that can clean the illicit financial pipeline in Africa
The African Union estimates that Africa loses no less than US$ 50billion to illicit financial flows annually. Africa’s geographical positioning coupled with its porous borders makes it an ideal transit point for the perpetration of drug trafficking, human trafficking and illicit wildlife trade. Governance lapses resulting from corruption make it...
Today’s Auditor and White collar Crime
Accomplice or Adversary? The position of trust that auditors have enjoyed for decades has been put to the test in recent years, leaving stake-holders wondering whether the twenty first century auditor is an accomplice or an adversary of white-collar crime. In 2001, the Enron accounting and corporate fraud cost its...
Co-operation among players will win financial crimes war
Financial institutions are the first line of defense in the fight against money laundering and terrorist financing but beyond this, there are other duty bearers who supervise and enforce implementation of related regulations. Clearly, lenders were not out of the woods. It took serious negotiations and pleas for leniency to...
How we can plug Kenya’s systemic graft loopholes
Kenya has had numerous scandals in the past few years with the most recent being the lost of billions of shillings at the Kenya Medical Supplies Agency through procurement malpractices in the middle of a global health pandemic. Just as we were wrapping our heads around the nerve wrecking scandal,...