KDF warns Kenyans of global scams targeting banks
KDF warns Kenyans of global scams targeting banks
The Ministry of Defence has raised the alarm over the evolving nature of terrorism financing, warning that criminal groups are increasingly leveraging international banking systems and the dark web to fund their operations.
Major General John Nkoimo, speaking on behalf of Defence Cabinet Secretary Soipan Tuya, issued the caution during the launch of a specialised training programme on countering terrorism financing and money laundering on Monday.
He emphasised the urgent need for a coordinated, multi-agency approach, stressing that legal expertise and enhanced interagency collaboration are critical in addressing the complex threat.
“We must be cognisant that today’s threats continue to evolve rapidly.
Terror organisations are becoming more sophisticated in their financial dealings, exploiting weak international banking systems,” said Nkoimo.
He explained that such networks enable terrorists and criminals to move money across borders with ease, fuelling acts that devastate lives and destabilise entire communities.
Nkoimo added that the only effective way to combat the threat is through global cooperation, capacity building, and harmonisation of efforts across nations and sectors.
The government reiterated its commitment to strengthening counter-terrorism measures through continued training, intelligence sharing, and strategic partnerships with international allies.
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On June 17, President William Ruto signed into law two major pieces of legislation aimed at strengthening the country’s financial sector – the Insurance Professionals Bill and the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, 2025.
The New Insurance Professionals Act aims to professionalise the industry by introducing stringent qualifications, licensing standards, and disciplinary mechanisms for insurance practitioners. It is expected to weed out quacks, enhance public trust in the insurance sector, and align Kenya’s practices with global standards.
The Anti-Money Laundering and Combating of Terrorism Financing (Amendment) Act 2025 is designed to seal legal loopholes that previously enabled criminals to exploit Kenya’s financial and real estate systems.
Among the key changes are tighter controls over property transactions, increased scrutiny of beneficial ownership of shell companies, and expanded reporting obligations for financial institutions. The law also empowers enforcement agencies to freeze or seize suspicious assets faster.
The government hopes that these reforms will not only stem illicit financial flows but also boost Kenya’s reputation in the eyes of global regulators such as the Financial Action Task Force (FATF), which monitors compliance with international AML/CFT standards.
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