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Budget cuts hit Kenya’s fight against dirty cash

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.

Photo credit: Shutterstock

By  Constant Munda

Correspondent

Nation Media Group

The Financial Reporting Centre (FRC) is struggling to register non-financial firms and enforce compliance largely due to insufficient budget allocations, a situation that is undermining the war on money laundering.

The agency carried out a paltry 44 inspections of designated non-financial businesses and professions (DNFBPs) such as real estate agents and lawyers, as well as non-banking financial institutions in the year ended June 2025. This fell short of FRC’s annual target of 487.

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