Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Don’t let guard down on money laundering
President William Ruto during a Cabinet meeting held at Statehouse, Nairobi on July 18, 2023. The cabinet meeting approved the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2023. PHOTO | PCS
Banks and agencies tasked with fighting money laundering must step up their efforts to protect the country from illicit financial flows in light of a Cabinet proposal to relax cash transaction disclosure rules.
The Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2023 seeks to increase the cash-reporting threshold from the current $10,000 (Sh1.42 million) to $15,000 (Sh2.1 million) to was approved by Cabinet and now awaits a parliamentary nod.
