President William Ruto on Friday hosted Under Secretary of the Treasury for Terrorism and Financial Intelligence of the United States Brian Nelson at State House in Mombasa.
The meeting was to deliberate on partnerships regarding money laundering and terrorism.
In the Mombasa meeting, President Ruto announced that Kenya will collaborate with the United States of America to fight the two thorny issues.
"Kenya will continue working with the U.S. Government to strengthen its laws and regulations on money laundering and financial terrorism," President Ruto tweeted Thursday.
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"A firm regulatory and administrative enforcement on the source and flow of illicit funds will effectively promote integrity and stability in our financial system, thereby spurring economic growth."
The two also discussed strengthening anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks and Treasury assistance for capacity-building in Kenya.
Under Secretary Nelson is also expected to meet with top government leaders and the private sector, including convening a roundtable of financial institutions and meeting with local fintech firms.
The meeting comes after President Ruto's cabinet last week approved the Anti-Money Laundering and Combating of Terrorism Financing Amendments Bill, 2023.
The proposes to relax rules requiring customers to disclose details on source, use, and beneficiaries before withdrawing or depositing at least Sh1 million in cash.
The Bill will enhance the powers of the Financial Reporting Centre (FRC).
The draft Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023, seeks to give FRC sweeping powers to impose sanctions for violations of the proceeds of crime.
If enacted by Parliament, FRC, the anti-money laundering agency, will have the power to show the instances under which it might request the revocation of a reporting institution’s license.
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