Mbadi urges stronger sanctions for money launderers to combat terrorism financing
By Barack Oduor |
According to a statement from the Treasury, the regional gathering honoured the 25th anniversary of efforts to combat money laundering and terrorism funding.
Newly appointed Treasury Cabinet Secretary John Mbadi has proposed tougher sanctions for those involved in money laundering to stop funding terrorist acts.
Mbadi who was speaking at the 24th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Council of Ministers meeting in Kwale, pointed out the immediate importance of tackling the gaps in Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulatory frameworks across the region.
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In his view, success in curbing terrorism financing will be realised easily with the introduction of political will and leadership in the fight against the vice.
ESAAMLG, a Financial Action Task Force (FATF)-style regional body, includes 14 member countries including Kenya, Botswana, Lesotho, Malawi, Mauritius, and Mozambique.
According to a statement from the Treasury, the regional gathering honoured the 25th anniversary of efforts to combat money laundering and terrorism funding.
"CS Mbadi emphasised the critical role of the Council of Ministers in providing strategic guidance for combating money laundering and terrorism financing," the Treasury noted.
Mbadi stated that with ESAAMLG accounting for 50 per cent of Africa's greylisted countries, it is critical to identify ways to increase compliance.
FATF President Elisa de Anda Madrazo, underscored the significant role of the ESAAMLG Council of Ministers both in the region and globally.
She also outlined the FATF's priorities for her presidency, including efforts to enhance financial inclusion. "Financial inclusion is not just an ethical imperative; it is an economic necessity," she said.
Mbadi's statements come barely a fortnight after the third Nairobi Caucus meeting on terrorism financing where the state grew wary of the growing popularity of cryptocurrency among young Kenyans seeking to earn a living digitally as fresh reports indicate that terrorists are using it to raise funds in executing their terror missions.
During the meeting on countering terrorism organised by the National Counter Terrorism Centre, it came out that terrorism networks in the continent and globally are exploiting digital emancipation such as cryptocurrency, crowdfunding among others to raise funds to commit terror attacks.
The National Security Adviser to the president, Amb Dr. Monica Juma expressed worry that countering terrorism financing is quickly falling among the lists of priority in the continent, urging the National Counter Terrorism Centre to never lose focus in this area of security importance.
Juma hailed the caucus meeting, describing it as timely, and that it has helped the East Africa region and the whole continent in taming terror threats by disrupting terrorists 'plans.
She added that in understanding the complexities of technologies and how terrorists exploit them, it is of high importance that speed is essential in understanding the appetites of terror groups in exploiting technological advancements in terrorism financing.
"This caucus has helped in understanding denigrating terrorism threats in our region while also resonating globally with perspectives that are Africa-inspired and internationally impactful," said Juma.
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