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...
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$...
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...