Browsing: Financial Reporting Centre (FRC)

• The firms exploit legal loopholes to steal, they exploiting gaps in beneficial ownership laws to repatriate billions of profits in the mining sector
• According to the report, Kenya’s mining industry has the potential to contribute 4-10 percent of the country’s gross domestic product.
• The country earned Sh300 billion from the mining sector last year.

Corrupt individuals in Kenya are exploiting gaps in beneficial ownership laws to repatriate billions of profits in the mining sector, limiting its contribution to the general economy.

A new report released by the Global Financial Integrity (GFI) dubbed ‘Illicit Financial Flows Related to Beneficial Ownership in the Mining Sector in Kenya’ regrets that several billions have been lost over the years.

According to the report, Kenya’s mining industry has the potential to contribute 4-10 percent of the country’s gross domestic product.

“Unfortunately, the sector contributes less than a percentage of the country’s GDP which is significantly

• 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 …