Treasury boosts funding for anti-corruption agencies as it pushes to exit FATF Grey List

Treasury boosts funding for anti-corruption agencies as it pushes to exit FATF Grey List

Treasury CS John Mbadi said the allocations will intensify anti-corruption efforts and reinforce public sector integrity.

The National Treasury has proposed increased funding for key accountability institutions, including the Ethics and Anti-Corruption Commission (Sh5.1 billion), the Office of the Director of Public Prosecutions (Sh7 billion), and the State Law Office (Sh6 billion).
Speaking while presenting the budget statement for the 2025/26 financial year, Treasury CS John Mbadi said the allocations will intensify anti-corruption efforts and reinforce public sector integrity.
“Strong institutions and adherence to the rule of law are prerequisites for sustainable development. Effective governance strengthens investor confidence and ensures efficient delivery of public services,” he said
At the same time, Parliament has been allocated Sh50.9 billion,  the Office of the Auditor General (Sh9.8 billion), while the Judiciary has been allocated Sh30.4 billion to strengthen oversight and the administration of justice.
At the same time, Mbadi added that significant progress has been made in implementing reforms required after Kenya was placed on the Financial Action Task Force (FATF) Grey List in February 2024. 
Advertisement
The reforms include the adoption of the Virtual Asset Service Providers legal framework, strengthening beneficial ownership transparency, and enhancing risk-based supervision across financial and designated non-financial business and professions sectors, improving inter-agency collaboration, and increasing investigations, prosecutions, and asset recovery efforts relating to money laundering and terrorism financing offences.
The regulatory framework ensures that new technologies operate in a safe and regulated environment that protects users, strengthens financial stability, and encourages responsible innovation. 
“These achievements demonstrate our unwavering resolve to align Kenya with International best practices, safeguard the country against illicit financial flows and strengthen investor confidence in our economy. With only a few outstanding measures remaining as we approach the conclusion of the implementation period. The government remains fully committed to finalising the remaining reforms and securing Kenya's exit from the Grey List at the earliest opportunity,” he told Parliament.

Comments

0
Loading comments...

Trending

Popular Stories This Week