The Inside View of the Task Force Formed to Tackle Money Laundering and Financing Terrorism in Kenya

Following the announcement by Treasury Cabinet Secretary Njuguna Ndung’u, the Kenyan government has set up a task force aimed at combating money laundering, financing terrorism, and proliferation financing.

The formation of this task force comes at a time when financial crimes have become more complex and frequent.

The task force, comprising the Directorate of Criminal Investigations (DCI) and 15 other agencies, will be headed by a Treasury representative and will monitor the financing of the proliferation of weapons of mass destruction by wealthy individuals.

The team’s responsibilities include monitoring the implementation of the National Strategy on the action plan against crimes, making appropriate policy recommendations, reviewing existing policies, strategies, and legislations, and providing appropriate recommendations to the Cabinet Secretary for the National Treasury and Economic Planning.

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The Financial Reporting Centre (FRC) will run a secretariat to coordinate the task force’s activities and liaise with other government agencies. The task force will also provide reports on the steps taken in its action plan.

This move is a positive step towards combating financial crimes and ensuring that Kenya’s financial system is transparent and free from illicit activities.

The task force comprises various government agencies, including the Office of the Attorney-General, State Departments for Internal Security, Foreign Affairs, and Immigration, and the Office of the Director of Public Prosecutions (ODPP). Additionally, the Ethics and Anti-Corruption Commission (EACC), Assets Recovery Agency (ARA), National Intelligence Service (NIS), Kenya Revenue Authority (KRA), Central Bank of Kenya (CBK), Insurance Regulatory Authority (IRA), National Counter Terrorism Centre, and Capital Markets Authority (CMA) are also included.

The task force’s efforts are expected to go a long way in promoting transparency, integrity, and accountability in the financial sector, thereby enhancing the country’s economic growth and development.

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