The Monetary Motion Process Power has directed Kenya to step up its efforts in prosecuting cash laundering actions.
Kenya’s Nationwide Treasury Division has announced that the Monetary Motion Process Power (FATF) has additionally directed Kenya to enhance its anti-money laundering and terrorism financing measures.
In its latest replace, the FATF has positioned Namibia on its watchlist whereas eradicating Uganda, indicating shifts in monitoring nations’ compliance with worldwide monetary crime requirements.
Kenya finds itself alongside South Africa and Nigeria beneath the FATF’s scrutiny, coinciding with President William Ruto’s initiatives to draw funding into Kenya. This growth may elevate Kenya’s overseas funding value and impression its commerce dynamics.
Regardless of having a vibrant digital asset market, Kenya’s hesitance to undertake particular rules for cryptocurrencies mirrors the stance of many African nations. The reluctance has heightened the danger of Kenya being added to the FATF’s gray record, together with 4 different East African Group members.
Introducing a regulatory framework for managing Kenya’s cryptocurrency market may equip native authorities with the instruments to fight cash laundering actions using digital belongings like Bitcoin. Such rules would allow the monitoring of cryptocurrency transactions and their integration into the Kenyan monetary ecosystem, enhancing transparency and safety.