New Report from The Sentry:
October 27, 2021 (London / Washington, DC) – A new report by The Sentry details critical steps that Kenya can take to support financial transparency and integrity as it prepares for a series of major reviews and international engagements to counter illicit finance and money laundering in its financial system and across the region.
The report, “Kenya Illicit Finance Risks and Assessment,” authored by Denisse Rudich, Senior Advisor at The Sentry, focuses on areas the Eastern and Southern Africa Anti-Money Laundering Group should consider in preparation for its upcoming onsite visit, as well as areas the government of Kenya may wish to assess in finalizing its National Risk Assessment and as it prepares for the Financial Action Task Force’s (FATF) mutual evaluation review (MER).
Denisse Rudich, Senior Advisor at The Sentry and report author, said: “The mutual evaluation review presents a critical opportunity for Kenya to enhance its anti-money laundering and counter-terrorist financing laws and regulations. Moving towards its Vision 2030 and the launch of the Nairobi International Financial Centre, Kenya can now step up and become a true leader in the fight against illicit finance, promoting transparency and integrity as it grows as a regional finance hub.”
Justyna Gudzowska, Director of Illicit Finance Policy at The Sentry, said: “By introducing urgently needed reforms, Kenya can show the world that it isn’t open for business to those seeking to launder the proceeds of foreign corruption, including its neighbors in South Sudan.”
As Kenya continues to evolve into a regional financial powerhouse and fintech hub, how the government responds to illicit finance risks will play a key role in its ability to attract business and investment from overseas. Despite Kenya’s reasonably documented anti-money laundering and countering the financing of terrorism (AML/CFT) framework, gaps remain and there are legal, operational, political, and knowledge barriers to effective implementation.
The report is set out in three sections:
In an array of investigative reports since 2016, The Sentry has exposed a number of illicit financial activities in Kenya connected to regional corruption and conflict. The Sentry’s reporting and policy analysis emphasize the important role of the Kenyan financial system as a regional hub for South Sudanese elites to bank and purchase property.
The Sentry’s new report highlights how Kenyan authorities are beginning to take action against foreign corruption, as evidenced by a recent asset-freezing action against a United States-sanctioned South Sudanese official, although his account has subsequently been unfrozen.
Key report findings:
An overview of The Sentry’s recommendations (Read complete recommendations in the full report)
To the MER team
To the government of Kenya
Managing illicit finance risks
Enhancing AML/CFT framework
To Kenya’s international partners
Read the full report and recommendations: https://thesentry.org/reports/
For media inquiries or interview requests, please contact: Greg Hittelman, Director of Communications, +1 310 717 0606, email@example.com
About The Sentry
The Sentry is an investigative and policy team that follows the dirty money connected to African war criminals and transnational war profiteers and seeks to shut those benefiting from violence out of the international financial system. By disrupting the cost-benefit calculations of those who hijack governments for self-enrichment, we seek to counter the main drivers of conflict and create new leverage for peace, human rights, and good governance. The Sentry is composed of financial investigators, international human rights lawyers, and regional experts, as well as former law enforcement agents, intelligence officers, policymakers, investigative journalists, and banking professionals. Co-founded by George Clooney and John Prendergast, The Sentry is a strategic partner of the Clooney Foundation for Justice.