The success of the government’s move to crack down on money laundering schemes that have found a home in the real estate, motor vehicle and gambling segments will be measured by the levels of control that it will put in place to stop the flow of illicit cash.
The high-powered anti-money laundering task force established recently, and which has one year to complete its task, should now come up with the first ever national strategy on combating money laundering and terrorism financing by March 31 next year.
Kenyans will be watching whether the move by government will bring sanity in Kenya’s unregulated but cash-rich sectors and whether they measures adopted will in the long-run root out the crime.
It is an open secret that some motor vehicle dealers, casinos, real estate developers and law firms are part of the complex financial chain that has enabled laundering of dirty cash into the economy after scrutiny of the mainstream financial sector such as banks was heightened. However, it is also encouraging that the legitimate players in these sub-sectors have welcomed the new team and the plan to reign in the rogues who have soiled the image of the segments.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
