Kenya is among the global money laundering hotspots, the United States of American government has said.
According to a report by the United States Department of State Bureau for International Narcotics and Law Enforcement Affairs, the state of affairs in the country are instigated by lack of controls on terrorism financing.
“Kenya remains vulnerable to money laundering and financial fraud. It is the financial hub of East Africa, its banking and financial sector in sophistication, and it is at the forefront of mobile banking,” read the report in part.
The reports states that the laundering is deep-rooted in both the formal and informal sectors. maneuvering and escaping the government eye. It is orchestrated through criminal activities like transnational organised crime, cybercrime, corruption, smuggling, trade invoice manipulation, illicit trade in drugs and counterfeit goods, trade in illegal timber and charcoal and wildlife trafficking.
In the last few months, government agencies have nabbed what they referred to as fake currencies amounting to billions, thought to have been a conduit of money laundering.
Read: Ex-CS Echesa Links President Kenyatta To Sugar Woes In The Country
A fortnight ago, police from the Flying Squad department nabbed Ksh2 billion fake currency in a safe container at Barclays Bank, Queensway Branch. Fake gold was also nabbed in the operation.
In February, Special Crimes Prevention Unit police officers seized Ksh32.6 billion fake currencies and 70kg fake gold in Ruiru.
The detectives launched intensive investigations to unravel the web of racketeers involved in the fake currency business and money laundering.
Kenya has already formed an anti-money laundering taskforce to establish he extend, and try to curb the vice.
Countries that find themselves in the hotspot list always face strict scrutiny from global financial players and players. Investors carry out additional checks on payments involving entities from listed countries.
Email your news TIPS to Editor@kahawatungu.com or WhatsApp +254707482874. You can also find us on Telegram through www.t.me/kahawatungu
Email your news TIPS to Editor@Kahawatungu.com — this is our only official communication channel
