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    FATF

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    machandi
    Kenya is currently compliant with FATF standards and is not on the FATF grey list. Kenya was previously on the grey list from 2010 to 2014 due to deficiencies in its counter-terrorism law and lack of a financial intelligence unit. According to Kenya's most recent FATF evaluation in 2022, it was deemed compliant and has taken measures to strengthen its anti-money laundering and countering terrorism financing regime through new laws, regulations, and institutions.

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    FATF

    Uploaded by

    machandi
    14 views6 pages
    Kenya is currently compliant with FATF standards and is not on the FATF grey list. Kenya was previously on the grey list from 2010 to 2014 due to deficiencies in its counter-terrorism law and lack of a financial intelligence unit. According to Kenya's most recent FATF evaluation in 2022, it was deemed compliant and has taken measures to strengthen its anti-money laundering and countering terrorism financing regime through new laws, regulations, and institutions.

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    Financial Action Task Force

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    Kenya is currently compliant with FATF standards and is not on the FATF grey list. Kenya was previously on the grey list from 2010 to 2014 due to deficiencies in its counter-terrorism law and lack of a financial intelligence unit. According to Kenya's most recent FATF evaluation in 2022, it was deemed compliant and has taken measures to strengthen its anti-money laundering and countering terrorism financing regime through new laws, regulations, and institutions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    14 views6 pages

    FATF

    Uploaded by

    machandi
    Kenya is currently compliant with FATF standards and is not on the FATF grey list. Kenya was previously on the grey list from 2010 to 2014 due to deficiencies in its counter-terrorism law and lack of a financial intelligence unit. According to Kenya's most recent FATF evaluation in 2022, it was deemed compliant and has taken measures to strengthen its anti-money laundering and countering terrorism financing regime through new laws, regulations, and institutions.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 6

    What is the current FATF

    status of Kenya and how


    can we validate it?
    INTRODUCTION
    The Financial Action Task Force (FATF) is the global money laundering
    and terrorist financing watchdog. Inter-government body that promotes
    policies and sets international standards relating to the combating of
    money laundering, terrorist financing and financing of proliferation of
    weapons of mass destruction.
    Established in 1989 by the G7. It sets international standards that aim to
    prevent these illegal activities and the harm they cause to society.
    It consists of 39 member states and 9 regional bodies. Kenya is a
    member of one of the regional bodies ; Eastern and Southern Africa
    Anti-Money Laundering Group (ESAAMLG).
    GREY-LIST
    • Grey-List; List of jurisdictions identified by the FATF as having strategic
    deficiencies in their anti-Money laundering and counterterrorism financing.
    • Kenya is not on the FATF (Financial Action Task Force) grey list. This means
    that Kenya is compliant in its anti-money laundering and counter-terrorism
    financing (AML/CFT) standards.
    • In 2010 to 2014 Kenya was in the greylist.
    • Kenya had strategic deficiencies (Reason: No CT law and lack of FIU)
    • The last Evaluation relating to the implementation of anti-money laundering
    and counter-terrorist financing standards in Kenya was undertaken in 2022.
    According to that Evaluation, Kenya was deemed Compliant
    Overall Level of Compliance (2022)
    • Kenya has made strides in strengthening its Anti Money
    Laundering/Countering Terrorism Financing system.
    • It has registered good results in the confiscation of proceeds of crime,
    access and use of financial intelligence, designation of persons or entities
    suspected to be involved in terrorism through established institutions.
    • Risk-based supervision and implementation of preventive measures
    (especially for Designated Non-Financial Businesses and
    Professions (DNFBPs)), Money Laundering and Terrorism Financing
    investigations and prosecution, preventing Ploriferation of Arms etc.
    • In relation to technical compliance, Kenya has made various improvements
    to its AML/CFT legal framework.
    Measures Taken By Kenya - Validation
    • Proceeds of Crime and Anti-money laundering Act 2012
    • Proceeds of Crime and Anti-Money Laundering Act
    amendment of 2017
    • Establishment of the Financial Reporting Centre in
    2012
    • Formation of Asset recovery Agency
    • Introduction of Beneficial Ownership (BO)
    requirements
    Continuation
    • Sanctions and prosecution of Banks that were suspected of
    fraud/money laundering activities, e.g. Charterhouse Bank, Imperial
    Bank, and Dubai Bank
    • Kenya has an understanding of Money Laundering threats and
    associated to some extent. The understanding is based on the
    National Risk Assessment that was carried out from 2019 to 2021 as
    well as sectoral risk assessments which Financial Reporting Center
    and financial sector supervisors conducted before the assessment
    • Establishment of Magistrate Court dedicated to address Terrorism and
    Money-Laundering cases

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