New team set up to review law on dirty moneySome of the fake $693mn and 369 million Euros recovered from a Cameroonian and a Niger national arrested in Nairobi on Januray 18, 2016. [Dennis Okeyo, Standard]The Government has formed a task force to develop a new policy to fight money laundering and illicit finance in the country.This comes as authorities continue to investigate billions of shillings in fake currency discovered in multiple cases across the country. “The task force will undertake a national risk assessment on money laundering and terrorism financing, identifying and assessing the level, trends and threats to the country,” said Treasury Cabinet Secretary Henry Rotich in a gazette notice last week. The team will also determine the vulnerability of financial institutions and designated non-financial businesses and professions to money laundering and terrorism financing. Following the incident, Barclays Bank said it was reviewing its policies on the use of safe deposit boxes.

Source: Standard Digital March 24, 2019 21:19 UTC