Banks face steep fines in terror financing war

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Kenya has been found to have little understanding of terrorism financing, many times confusing it with terrorism. PHOTO | SHUTTERSTOCK

Commercial banks and officials face steep fines for facilitating terrorism financiers as Kenya fights to lift itself from a global 'grey list' after its safeguards against the flow of dirty cash were found wanting.

New regulations published by the Interior and Administration of National Government ministry say any person found guilty of unauthorised release of frozen funds or assets linked to terror suspects flagged by the United Nations would be jailed for up to 20 years.

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