President William Ruto has assented to the Anti-Money Laundering and Combating of Terrorism Financing Laws Bill, 2023 into Law, allowing the State to receive and review bank transactions flagged as suspicious.
The new amendments, which officially became law on Friday, September 1, introduced several measures to detect and prevent money laundering activities in Kenya.
Financial institutions will also enhance the screening of their customers to ensure transparency in financial dealings.
The Financial Reporting Centre (FRC), a Government institution created by the Proceeds of Crime and Anti-Money Laundering Act 2009 was also authorised to enhance its analysis of reports and share intelligence with relevant law enforcement agencies.
Government agencies involved will initiate investigations and take decisive action against money laundering perpetrators in the country.