Dark clouds loom over Kenya’s financial sector following the Financial Action Task Force’s (FATF) decision to add the country to its so-called “grey list” of countries. The listing serves as a warning that it may be considered unsafe for business due to potential involvement in money laundering and terrorist financing activities.
This comes despite the country enacting the anti-money laundering ad counter-terrorism financing (AML/CFT) (Amendment) Act, 2023, new guidelines by the Central Bank of Kenya and establishing a Financial Reporting Centre on money laundering.
