Why Kenya still needs to tighten its anti-money laundering rules

BDMONEYLAUNDERING

The High Court has frozen more than Sh63 million belonging to Virtual Financials International Ltd. PHOTO | SHUTTERSTOCK

A recent Cabinet meeting approved the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2023 to facilitate an increase of the cash-reporting threshold by 50 percent from $10,000 (Sh1.4 million).

The Bill, expected in Parliament for debate, aims to enhance the efficiency of businesses and individuals by raising the limit for the cash-reporting requirement.

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