The Kenyan Government has established a task force that is set to come up with a new policy on how to fight money laundering and illicit finances.
It will be composed of officials from Kenya Bankers Association, Directorate of Criminal Investigations,Kenya Revenue Authority Capital Markets Authority among members from 26 other Institutions.
The task force is expected to assess money laundering and terrorism financing activities in the countries as well as highlighting the levels, specific trends and threats of such activities.
It will also come up with a report and a national strategy on how to combat money laundering and terrorist financing and issue legislative and administrative recommendations to address the gaps in the country’s financial legislation.
This new development comes even after the Members of Parliament opposed a regulation by the Central Bank of Kenya which requires one to give full disclosure on cash transactions exceeding Ksh 1 Million.
