Financial Action Task Force,Illicit Financial Flows Stories
Kenya remains under FATF grey listing, after being flagged in February 2024, a decision that has rattled its financial sector.
The Treasury notes that the proposed increase in spending underscores the government’s continued focus on economic recovery, infrastructure developmen...
The report notes that these losses, driven by corruption, trade misinvoicing and tax evasion, are eroding government revenue, limiting social services...
The compliance audit, which sampled eight universities, found that the institutions held unclaimed financial assets in the form of caution money and o...
The Performance Audit Report, covering six years of UFAA’s operations, noted that the lack of a framework for the surrender and management of non-cash...
The FRC tracks suspicious financial activities through reports filed by banks, mobile money providers, forex bureaus, and SACCOs. SASRA supervises SAC...
The initiative seeks to address gaps in recourse mechanisms for digital wallets and improve safeguards for users of digital financial services (DFSs).
Employees described systematic financial manipulation and workplace exploitation.
Revenue for the coming financial year is projected at Sh3.58 trillion, while planned expenditure is Sh4.64 trillion, leaving a Sh1 trillion budget gap...
The study points to businesses increasingly being involved in these illegal activities, while corruption, fake goods, and trade misinvoicing remain th...
Kenya was grey-listed by the Financial Action Task Force (FATF) in February 2024 for inadequacies in its money laundering/countering financing of terr...
The discussions, held in Mogadishu, focused on practical steps to secure Somalia’s financial system and to disrupt the flow of funds that sustain arme...
During a session with the National Assembly’s Committee on Implementation in Eldoret on Tuesday, MTRH Chief Executive Officer Phillip Kirwa said the f...
The African Union has warned the continent loses billions in illicit financial flows each year. Analysts say stopping tax evasion and corruption is ju...
The Board said Tanui brings over 24 years of experience in financial services, with expertise spanning Risk Management, MSME Lending, Business Lending...
Despite the opposition, President William Ruto and the Treasury have maintained a firm stance, insisting the platform is a critical reform to enhance...
Speaking at a press conference in Mogadishu on Tuesday, Issa revealed that the Supreme Court, the Benadir Regional Court, and the Benadir Regional App...
Through the system, CBK will strengthen its ability to surveil the entire banking sector as transactions occur, covering RTGS, PesaLink, and mobile mo...
Kenya was specifically asked to step up investigations and prosecutions of money laundering and terror-financing cases, ensure that financial intellig...
CS John Mbadi said several agencies are treating government funds as a source of returns, a move he described as a misuse of public resources.
The directive forms part of broader efforts to enhance accountability and oversight across the industry as more insurers adopt technology-driven opera...
Gathungu is advocating for amendments to the Public Finance Management (PFM) Act to introduce penalties, arguing that such measures would promote fisc...
The Financial Reporting Centre is tasked with identifying proceeds of crime and fighting money laundering under the Proceeds of Crime and Money Launde...
Data from the state-owned intelligence unit, Financial Reporting Centre, shows that the number of suspicious transactions reports (STRs) exceeded 11,0...
Nairobi International Financial Centre Authority (NIFCA), operating under the National Treasury and led by CEO Daniel Mainda, spearheaded the signing...
The county credits the record-breaking performance to enhanced collection efforts, the adoption of digital systems, and stricter enforcement targeting...
The National Treasury has now revised the allocation down to Sh632.3 million from Sh702.3 million, just days before the end of the financial year.
The regulator says the structure of life insurance policies, commonly known as long-term business, makes them vulnerable to criminal abuse, highlighti...
One of the most notable cuts is in funding for expanding access to clean and adequate water for both domestic and agricultural use, which has dropped...
TSC will receive the lion’s share of Sh387.2 billion, including Sh7.2 billion earmarked for the recruitment of intern teachers and Sh980 million for c...
