Kenya has been recognized for its growing influence on the global anti money laundering and financing of terrorism arena. The Financial Action Task Force (FATF) has invited Kenya to attend its February plenary meeting as part of its inaugural Guest Initiative.
FATF is the global standard setter for combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction (ML/TF/PF).
The initiative allows Kenya to participate in FATF meetings as non-member for a duration of one year and engage directly in the organization discussions.
“The Initiative allows Kenya to sit at the FATF table under her own flag and express its views and share its national experiences directly with other FATF members,” FATF said.
Kenya Sends Team to Attend Meeting
Kenya sent a delegation to participate in the FATF plenary meeting in Paris, France from Tuesday, February 18th to Friday 21st February.
According to FATF, the invitation highlights Kenya’s role as a regional economic and financial hub which is integral in facilitating trade, investment, and cross-border financial flows across Sub-Sahara Africa.
“Its leadership and commitment in addressing money laundering and terrorism financing risks not only guarantees the country’s own economic stability, but also bolsters the entire region’s financial systems,” FATF said.
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Kenyan delegation led by Saitoti ole Maika, Director General, Financial Reporting Centre, and comprising of Director of Public Prosecution (DPP) Renson Ingonga, senior Kenya Revenue Authority (KRA) and National Counter Terrorism Centre (NCTC) officials.
FATF congratulated the delegation for spearheading and ensuring that the country’s position is articulated at the important meeting.
The Force stated that Kenyan team also represented the voices of other countries in the region that are not directly able to participate in its meetings.
Also Read: Kenya Has Tightened Its Laws to Stop Money Laundering: Why Banks Are the Focus
Benefits of Financial Action Task Force Meeting
Kenya’s participation at the FATF meeting will enable it to gain a deeper understanding of FATF’s work.
This will enhance the country’s ability to implement best practices on AML/CFT and to inspire other countries in the region in implementing the FATF Standards.
“This invitation not only elevates Kenya’s reputation as a progressive economy but further solidifying status as a regional leader,” FATF added.
The government is committed in continuing to strengthen the Country’s AML/CFT framework and capabilities after this achievement.
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