The Financial Crime Country Dashboard for Kenya is now available, following the publication of the Kenya Deep Dive Threat Assessment published in 2020 & the Kenya Summary Threat Assessment also published in 2020. To download the South Africa Financial Crime Country Dashboard click HERE: Kenya Dashboard Feb 2022 Pbd
The main financial crime threats in Kenya are from fraud and related economic crimes, corruption & drug crimes. These are followed by tax crimes, product piracy, cybercrime, wildlife crime and money laundering. Cybercrime, drug crimes and product piracy are expected to increase whereas action taken against the others suggest the trend there is neutral or reducing. The Banking sector remains the sector that still represents the biggest potential money laundering vulnerability because of its importance, but money remittance providers, money network operators, Saccos, real estate, legal & motor vehicle dealers (currently not regulated) also present important potential AML/CFT vulnerabilities.
Whilst progress is being made in Kenya, the reporting against FATF standards is expected later this year. Sub Saharan African countries have to date fared poorly against FATF standards with many being then added to the FATF grey list, though countries such as Botswana and Mauritius whilst added have recently had their grey listing removed after 4 years of additional work.
What’s clear is that Kenya will need to continue to prioritise its AML/CTF response for some time.
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