CS Njuguna Ndungu on Kenya being grey-listed for money laundering by FATF

CS Njuguna Ndungu on Kenya being grey-listed for money laundering by FATF

The National Treasury & Economic Planning CS Njuguna Ndungu today noted that Kenya being grey-listed for money laundering is something Kenya has been through before and overcome. Njuguna provided the remedial steps the government is taking get out of the grey list. Below is his revised response. 

Kenya Being Grey Listed for Money Laundering by FATF (Fixing the Problem)

Treasury CS Njuguna Ndungu had this to say about Kenya being grey-listed and how the government plans to fix the problem; 

Let me start by saying one point that I've been there before. Remember in 2009-2010, I fought very hard. Kenya was going to be blacklisted, not even gray-listed. 

The whole issue is that this is a new administration in transition, and with your support, we have made 17 amendments to the law. But now the shortfall is the implementation process and strengthening our institutions. We have done the legal bit. It is now moving with the institutions.

We are going to get a lot of technical assistance support again from the IMF, then the World Bank. The EU has promised a lot of critical support, the UK (United Kingdom), and then the US. We are going to combine a timetable of how we are going to work through our institutions. And that is the promise to move away from being grey-listed.

I've been in that, and I know by 2013, things got out very well. We worked very hard, all of us, and we realized the storytelling. Since then, we have been required to come up with more institutions, and the government has actually performed very well. We have all the institutions in place right now to learn ropes and try to understand that money laundering, terrorism financing—all these are dynamic issues. The enemy is always one step ahead, but we need to push our curve ahead of them. That is what is going to support us.

No comments yet. Be the first to comment.

Please log in or register to leave a comment.