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CEOs risk 7-year jail, employment ban in terror financing crackdown
Kenya was grey-listed in February 2024 by the Financial Action Task Force (FATF) —a global anti-money laundering and terrorism financing watchdog— which cited shortcomings in the country’s financial oversight systems.
Chief executive officers and senior managers face up to seven years in jail, a ban from employment and deregistration of their firms under new guidelines aimed at fighting terrorism and weapons financing.
The country’s financial intelligence unit, Financial Reporting Centre (FRC), has published guidelines that introduce penalties for non-compliance with the updated Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations published early this year.
