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Watchdog seeks talent to lead war on dirty money

The director-general will serve together with CBK governor Patrick Njoroge on anti-money laundering advisory board. FILE PHOTO | NMG
The director-general will serve together with CBK governor Patrick Njoroge on anti-money laundering advisory board. FILE PHOTO | NMG 

The State anti-dirty cash watchdog, Financial Reporting Centre (FRC), is seeking head of its operations. The agency assists in the identification of proceeds of crime and combating money laundering.

“The director-general is the chief executive officer of the Financial Reporting Centre (FRC) responsible for overseeing the effective implementation and compliance of domestic and international anti-money laundering and combating the financing of terrorism…The centre invites applications from suitable individuals to fill the vacant position,” it said in a notice.

The director-general is also the secretary to the anti-money laundering advisory board (AMLAB) whose members include the Central Bank of Kenya (CBK) governor and the Attorney-General.

Kenya has been on the spot for money laundering, surviving attempts at international black-listing through taking corrective measures.

In 2015, President Uhuru Kenyatta ordered the CBK and the FRC to strengthen their supervision capabilities over banks to curb the laundering of the proceeds of theft and fraud. A 2013 report by the Global Financial Integrity, a Washington-based non-profit, research and advocacy organisation, tagged Kenya as a high-risk place for money laundering and terrorist finance, citing global financial regulators.

More recently a joint report by the African Union and the United Nations Economic Commission for Africa unveiled in September last year showed the economy is haemorrhaging billions of shillings annually in illicit financial outflows, crucial resources that experts say could be invested in struggling sectors such as healthcare, education and infrastructure.

The monies, the report observed, are lost through tax evasion by individuals and companies, illegal profit expatriation by multinationals, organised criminal syndicates and corruption-related activities in the public sector.

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