The Government has formed a Task Force on National Risk Assessment on Money Laundering and Terrorism Financing (Task Force) to facilitate the conduct of Kenya’s National Risk Assessment on Money Laundering and Terrorism Financing.
Henry Rotich, Treasury Cabinet Secretary said in a gazette notice dated 22nd March 2019.
“The Financial Reporting Centre and the Bank Supervision Department of the Central Bank of Kenya shall be joint Secretaries of the Taskforce and the Secretariat will be based at the Financial Reporting Centre,” said Rotich.
The team will be comprised of 30 institutions and departments, including the Capital Markets Authority, Kenya Bankers Association, Directorate of Criminal Investigations, Kenya Revenue Authority, Kenya Wildlife Service, the Immigration Department, Anti-Narcotics Unit (ANU), Anti-Terrorism Police Unit (ATPU),Asset Recovery Agency (ARA), the NGO Coordination Board among others.
Key responsibilities for the team will be undertaking research and liaising with the relevant Government Ministries, Departments, Agencies, Commissions, Independent Offices and any other institution in order to gather relevant information necessary for informing the Taskforce.
It is expected that the Taskforce shall submit to the Cabinet Secretary for the National Treasury and Planning:
- a progress report every three months after commencement of the NRA exercise;
- Kenya’s Draft National Risk Assessment by the 31st January 2020
- final report by the 28th February 2020; and
- a National Strategy on Combating Money Laundering/Terrorism Financing by the 31st March 2020.
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Kenya is a member of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) which is an Associate Member of the Financial Action Task Force (FATF) whose recommendations require:
Countries to identify, assess and understand the money laundering and terrorist financing risks for the country, and to take action, including designating an authority or mechanism to coordinate actions to assess risks, and apply resources, aimed at ensuring the risks are mitigated effectively and based on that assessment, countries are required to apply a risk-based approach (RBA) to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified.