Kenya's grey listing by the Financial Action Task Force (FATF) in February 2024 due to its anti-money laundering and counter-terrorism financing loopholes poses a threat to its status as a financial hub and could have adverse effects on its economy and international relations.
In 2010, Kenya faced significant setbacks when it was grey listed by the FATF for the first time due to delayed implementation of the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) Act. In a move to address this, Kenya implemented significant legislative reforms aimed at strengthening its anti-money laundering (AML) and combating financing of terrorism (CFT) framework.
