IMF, World Bank promises to help Kenya get out of the grey list
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Bretton Woods institutions; IMF, and World Bank pledges to help Kenya get out of the grey list- addressing money laundering and terrorism financing
Bretton Woods institutions; IMF, and World Bank pledges to help Kenya get out of the grey list- addressing money laundering and terrorism financing.
The Western allies and Bretton Woods organizations have promised to assist Kenya in resolving issues related to money laundering and financing of terrorism.
This comes after Kenya was placed on the “grey list” last week for missing measures to stop the flow of illicit funds by the global anti-money laundering watchdog, the Finance Action Task Force (FATF).
The Treasury Cabinet Secretary Njuguna Ndung’u told the National Assembly’s Debt and Privatisation committee that bilateral and multilateral donors have committed to assist Kenya get out of the woods.
“This morning, I had a meeting of bilateral and multilateral lenders who have expressed support to ensure our country is taken out of the grey list.
We have done the legal instruments that established four critical institutions that now need capacity building to effectively combat money laundering, terrorism financing, and proliferation of weapons of mass destruction,” Prof Ndung’u said.
“The International Monetary Fund (IMF), the World Bank, the European Union (EU), the United Kingdom, and the United States promised us support to strengthen our institutions, including the Financial Reporting Centre (FRC).”
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Kenya was placed on the list of shame along with 23 other countries, subjecting them to enhanced monitoring to ensure compliance with international anti-money laundering (AML), combating the financing of terrorism (CFT), and countering the proliferation of weapons of mass destruction (CPF).
The downgrade also means Kenya might be subjected to stricter due diligence when it is dealing with the rest of the world.
However, Prof Ndung’u told MPs that the placement would not impact Kenya’s credit ratings.
“We have got a lot of support from multinational lenders. The greylisting will not worsen our credit ratings. The only thing we need to do is to strengthen our institutions,” Prof Ndung’u said.
The CS said Kenya had already made amendments to the law to strengthen its fight against dirty money and only needed to implement them.
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