Money laundering: Kenya on right track

By Millicent Awuor

Treasury CS Henry Rotich says Kenya has substantially addressed its action plan on addressing money laundering

The Global Financial Action Task Force has removed Kenya from its monitoring process under the ongoing Anti Money laundering and combating the Financing of Terrorism AML/CFT regime that has been under review since June 2009.

In a statement Treasury Cabinet Secretary Henry Rotich says the team is satisfied that Kenya has substantially addressed its action plan on addressing money laundering, combating the financing of Terrorism and proliferation.

The team is also satisfied that there is political commitment and institutional capacity to continue implementing the Task Force’s reforms in Kenya.

On the basis of an on-site visit the team, the global body established in 1989 to set international standards on money laundering and combating the financing of terrorism concluded that Kenya has established the legal and regulatory framework to address deficiencies that were identified in February 2010.