FATF monetary criminal activity guard dog includes Kenya and Namibia to its ‘grey list’

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FATF financial crime watchdog adds Kenya and Namibia to its 'grey list'

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People stroll on the Pedestrian Bridge at the Bluewaters Island in Dubai, United Arab Emirates, December 08, 2021.

Satish Kumar|Reuters

The Financial Action Task Force (FATF) global criminal activity guard dog on Friday included Kenya and Namibia to its ‘grey list’ of nations that require increased tracking, due to insufficient curbs versus cash laundering and terrorism funding.

“At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring,” stated the FATF in a declaration.

Kenya’s Treasury had actually currently stated previously on Friday that it had actually been placed on the ‘grey list’. It stated it was completely dedicated to carrying out the FATF’s action strategy which the relocation would just have ‘very little impacts’ on Kenya’s monetary stability.

A report from the FATF in 2015 stated Kenya generally dealt with dangers from circulations of cash connected to terrorism funding from both inside and outside its borders, while cryptocurrencies presented more dangers.

There are a number of militant groups running in the area around Kenya, consisting of the al Shabaab group in surrounding Somalia, which is connected to al Qaeda and has actually released a number of attacks in Kenya in the past.

Namibia’s Financial Intelligence Centre stated previously on Friday that putting Namibia on the ‘grey list’ might have unfavorable effect on Namibia’s foreign direct financial investment.