Enforce rules to tame money laundering

money launderingpix

Kenyans have until October 2, by 5 pm to submit comments on Regulation No.10 of the Crime and Anti-Money Laundering Regulations of 2023 Photo|Shutterstock

The publication of new regulations to fight money laundering by the Treasury is a positive step and shows some signs of commitment by the government to tackle the menace.

The regulations contain a raft of precautionary measures, including hiring special officers in various financial and non-financial institutions to report suspected money laundering activities.

We hope the government will walk the talk on this matter because cross-border financial crime remains a threat to global economies.

Although we today enjoy the fruits of a more interlinked and seamless global financial system, constantly lurking in the shadows are criminal networks hoping to expolit any loopholes to move illicit cash across borders.

The underworld of money laundering is murky with endless collusion to evade taxation and fund corruption and terrorism networks as well as drug traffickers.

The interconnected nature of the world today means nobody is safe from the risks posed by these money laundering networks.

It is not lost on us that money laundering scams have collapsed corporations and financial institutions or even fanned conflict through terrorism.

These crooks act in a brazen format and exploit any lapses even in jurisdictions with advanced anti-money laundering laws.

The Treasury and other State agencies should stand reminded that it takes more than just laws to win the fight against money laundering. Winning the fight against money laundering requires top-scale enforcement of rules on financial transactions and asset management.