In undertaking grand corruption, the perpetrators seek to circumvent the existing laws and structures in order to move vast amounts of money through our financial system, to enable their malevolent intent. Within this framework, Kenya passed the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA) in 2009, and operationalised it in 2010. Thus, for example, CBK reminded banks to confirm several details from customers transacting more than Sh1 million in cash. Predictably, the rest of the world would disengage with Kenya and avoid dealing with our financial system. We must not relent in the effort to safeguard our financial system from potential and actual attacks.

Source: The Star March 03, 2019 19:41 UTC