Browsing: Financial Action Task Force

US dollar notes used in Money Laundering
  • Anti-Money Laundering watchdog removed Uganda from its grey list
  • Treasury said Kenya underwent an assessment conducted by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) in 2022.
  • CS Ndung’u said the move underscores the need for swift action to bolster Kenya’s compliance efforts.

Finance Action Task Force (FATF), the global anti-money laundering watchdog, has placed Kenya on a list of 23 countries that are ‘not doing enough’ to fight money laundering.

FATF placed Kenya on its ‘grey list’ while Uganda has been removed from the list. The decision to put Kenya on the grey list might diminish Nairobi’s position as the financial enike air max 90 futura kansas city chiefs crocs sac à dos eastpak air max 270 women sit top kayak smith and soul nike air max 90 futura dallas cowboys slippers mens latex hood borsa prima classe custom kings jersey custom kings jersey jordan proto

Anti-Money Laundering
  • South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy.
  • The government estimates that between $2 billion and $8.3 billion is laundered annually through local financial institutions.
  • Banks in South Africa must find a new way to prove identity to prevent money laundering and cyberattacks.

South Africa has just 18 months to show that it has an effective anti-money laundering (AML) policy, an undertaking that banks can help to rescue the country from the grey list. In January 2025, the global anti-money laundering watchdog, the Financial Action Task Force will review its decision to greylist South Africa. The agency will interrogate the public and private sector measures taken by the country to address its concerns.

The nation will have to present a workable, scalable plan to stop fraud, money laundering, and other financial crimes. Failure to do so will have severe negative economic …

Sandy beaches of Mauritius - The Exchange

The European Union included four African countries in its list of countries that it says pose significant threats to the financial system of the union. Uganda stayed put on the list while Ethiopia and Tunisia were dropped because of reforms they have made in tackling money laundering and terrorist funding. 

The list which was published earlier this year came into effect on the 1st of October. Included on the list are Botswana, Ghana, Zimbabwe, and Mauritius. These jurisdictions fall under the category of high-risk countries that’s show “strategic deficiencies” in their anti-money laundering and counter-terrorist financing framework.

Spotlight on Mauritius

Notable on this list is Mauritius which is a vibrant International Financial Center and has been considered the best jurisdiction to direct investments into Africa. Mauritius has tax treaties with about 18 countries on the continent 

The EU acting on the findings of the Financial Action Task Force found Mauritius