Kenya added to watchdog’s dirty-money list, Uganda gets reprieve
Kenya has again been placed on a global financial watchdog’s “gray list” due to its shortcomings in tackling illicit financial flows.
The Financial Action Task Force asked Kenya to supervise cryptoassets, improve the quality of financial intelligence and increase prosecution of money laundering cases, Kenya’s Treasury said in a statement posted on X. The FATF also added Namibia and removed Uganda from the monitoring list.
Kenya joins South Africa and Nigeria in the list just as President William Ruto tries to lure investors to the East African nation and may increase the government’s foreign-funding costs and weigh on trade flows.
Ruto in an interview on Thursday said that the government intends to increase Kenya’s deposits in multilateral lenders including African Export-Import Bank, the African Development Bank and the Trade and Development Bank to further diversify sources of affordable borrowing.
Kenya was last on the list in 2014.
