The International Monetary Fund (IMF) wants tighter checks on bank transactions in Kenya amid growing concerns about money laundering by corruption networks.
An appraisal report by an IMF team said Kenya should intensify checks on corruption-related money laundering risk in banks and other higher-risk sectors using financial intelligence tools.
“Anti-money laundering and counter financing of terrorism supervision should be intensified to mitigate corruption-related money laundering risk in banks and other higher risk sectors and make greater use of financial intelligence,” the International Monetary Fund team said.
Kenya has lately witnessed an upsurge in suspected money-laundering schemes, with billions of shillings seized from companies and individuals who could not explain the source of their wealth.
A recent report by the US State Department warned of laxity among Kenyan officials in the global fight against money laundering, with officials tipping suspects to move assets before the seizure.
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