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Kenya is of the Financial Action Task Force black list

04.07.2014  08:03
Jackson Kitili, Interim Director of Kenya's Financial Reporting Center, just advised that Kenya is now officially out of the Financial Action Task Force (FATF) black list. This process has required the intensive commitment of many Kenyans to pass laws, including Counter Terrorism and Counter Terrorist Financing laws; develop and pass regulations for asset freezing; improve banking and regulatory practices; and to address other deficiencies.The Danish funded Anti Money Laundering and Counter Terrorist Financing project has played an important role in the process, namely by way of building the capacity of the Kenyan Financial Intelligence Unit/Financial Reporting Centre, addressing the FATF 2013 recommendation below:  "Kenya should continue to work on implementing its action plan to address these deficiencies, including by: (1) adequately criminalising terrorist financing; (2) ensuring a fully operational and effectively functioning Financial Intelligence Unit; (3) establishing and implementing an adequate legal framework for the identification and freezing of terrorist assets; and (4) implementing an adequate and effective AML/CFT supervisory programme for all financial sectors. The FATF encourages Kenya to address its remaining deficiencies and continue the process of implementing its action plan"

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