Commercial banks and institutions involved in fighting crime should work together to help the country detect and block money laundering activities, a regional security think-tank has said.
The Institute of Security Studies (ISS) said this institutional cooperation should be extended to Eastern Africa region through improvement and harmonisation of anti-money laundering laws.
It has also called on Kenya to domesticate the anti-money laundering provisions contained in the UN Convention on Organised Crime.
Kenya has come under increasing pressure to implement money laundering laws in the face of rising crime posed by the drug traffickers, international terrorists and illicit arms traders operating in the country.
Failure to have an anti-money laundering law in Kenya has been cited as a possible reason behind the country’s failure to attract foreign direct investments despite having a relatively well developed financial system. Laundered money breeds unfair competition as genuine business persons borrow capital on interest hoping to repay such funds using business proceeds, while persons using laundered money pay no interest on the capital.
Source: The Business Daily
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