Central Bank Governor Prof.Njuguna Ndung'u has rooted for an anti-money laundering legal and regulatory regime if the country's vision of being a regional trade and financial services hub is to be realized.
Prof.Ndung'u noted that Kenya is vulnerable to money laundering practice given its cash based economies and pitched for the enactment of an enabling legal and regulatory framework to combat the vice.
Speaking at the 16th task force meeting of senior officials of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) at a Mombasa hotel, the governor said the proceeds of Crime and Anti-money Laundering Bill 2008 is currently under consideration by parliament.
Prof.Ndung'u deplored the country's porous borders and weak institutions as a set back in the fight against the scam adding that the region has demonstrated through ESAAMLG its commitment to fight money laundering and financing of terrorism.
He noted that in the absence of a comprehensive legislation, Kenyan banking sector should embrace the necessary policies and procedures to deter and detect money launders.
Serwalo Tumelo, PS Ministry of Finance and Development Planning, Botswana and chairman of the ESAAMLG task force of senior officials said the rapidly changing technologies and the introduction of new financial products remains a major challenge, which requires institutions and regulatory bodies to guard against abuse by criminals.
Tumelo said they would continue to initiate dialogue between the region's private and public sector to ensure that both sectors' policy makers work in tandem.
200 foreign delegates including finance ministers, permanent secretaries and senior government officials drawn from ESSAMLG member countries and representatives from the co-operating and supporting nations and organizations converge in Mombasa for the weeklong meeting.
On Friday Kenya's minister for finance will assume the presidency of the ESSAMLG council of ministers while his PS will chair the meetings of the task force of senior officials.
The main objective of ESSAMLG is to combat money laundering and combating the financing of terrorism.
Source: KBC
Prof.Ndung'u noted that Kenya is vulnerable to money laundering practice given its cash based economies and pitched for the enactment of an enabling legal and regulatory framework to combat the vice.
Speaking at the 16th task force meeting of senior officials of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) at a Mombasa hotel, the governor said the proceeds of Crime and Anti-money Laundering Bill 2008 is currently under consideration by parliament.
Prof.Ndung'u deplored the country's porous borders and weak institutions as a set back in the fight against the scam adding that the region has demonstrated through ESAAMLG its commitment to fight money laundering and financing of terrorism.
He noted that in the absence of a comprehensive legislation, Kenyan banking sector should embrace the necessary policies and procedures to deter and detect money launders.
Serwalo Tumelo, PS Ministry of Finance and Development Planning, Botswana and chairman of the ESAAMLG task force of senior officials said the rapidly changing technologies and the introduction of new financial products remains a major challenge, which requires institutions and regulatory bodies to guard against abuse by criminals.
Tumelo said they would continue to initiate dialogue between the region's private and public sector to ensure that both sectors' policy makers work in tandem.
200 foreign delegates including finance ministers, permanent secretaries and senior government officials drawn from ESSAMLG member countries and representatives from the co-operating and supporting nations and organizations converge in Mombasa for the weeklong meeting.
On Friday Kenya's minister for finance will assume the presidency of the ESSAMLG council of ministers while his PS will chair the meetings of the task force of senior officials.
The main objective of ESSAMLG is to combat money laundering and combating the financing of terrorism.
Source: KBC
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