25^th October 2024: KEPSA CEO Ms. Carole Kariuki joined other leaders, including Hon. Justice (Dr.) Smokin Wanjala, CBS – Judge of the Supreme Court of Kenya at the Inaugural Kenya Anti-Financial Crime Summit at the JW Marriott Hotel, Nairobi. The summit was hosted by Flywheel Advisory and the Financial Reporting Centre (FRC) to unwrap the impact of Kenya’s Grey Listing and collectively chart the path towards delisting under the theme, “Strengthening Kenya’s Financial Integrity, the Journey towards Kenya’s Delisting”

In a panel session moderated by Sydney Asubo, Former Executive Director of FIA, Uganda, she highlighted the critical role KEPSA played in establishing the Financial Reporting Center. “The private sector is at the forefront of the fight against money laundering and illicit financial systems because it leads to a higher cost of doing business, which translates to higher living costs for the public.” She added that the collaboration with the Financial Reporting Centre (FRC) has shown significant results. “Over the past two years, this partnership has contributed to a 15% reduction in money laundering activities by improving reporting and information sharing.”

She was joined in the panel by Raphael Anampiu, Vice Chair of Kenya Forex & Remittance Association, and James Manyonge, Director of Legal Compliance and External Relations, who shared their views on Strengthening Collaboration towards Kenya’s Delisting.

Further, through initiatives like the 2019 banking sector reforms, KEPSA facilitated dialogue between SMEs and the banking sector, improving access to credit while maintaining high compliance standards as one of the measures taken in the fight against illicit financial systems and money laundering. The KEPSA CEO recommended the creation of a Centralized Financial Crime Database where financial institutions, government agencies, and private sector players can share real-time data on suspicious transactions.

Hon. Justice (Dr.) Smokin Wanjala, CBS—Judge of the Supreme Court of Kenya, while giving his remarks and a call to action, emphasized that tackling financial crime must take a multisectoral approach involving law enforcement, financial institutions, regulatory bodies, civil society, policymakers, and businesses at large. “The cost of inaction is too high. If we must succeed, we must take action,” he reiterated.

The summit was held against the backdrop of the inclusion of Kenya in the Financial Action Task Force's (FATF) grey list, which came into action in February 2024 for failing to meet global standards in the fight against money laundering and terrorism financing. The Summit aimed to provide a platform for Industry engagement to discuss this development's immediate and long-term implications. Other speakers at the event recommended strengthening the financial regulatory framework in the country, safeguarding whistle-blower channels for those who report illegal financial transactions, and incorporating technology in the fight against money laundering and terrorism financing.

To access the photos, click the link; https://flic.kr/s/aHBqjBPw25