Kenya: Ruto’s government to probe into senior officials in a bid to fight corruption

William Ruto, Kenya's president [Photo credit Reuters]

NAIROBI, Kenya - President Ruto’s administration plans to investigate key influential leaders in the country come 2023. The spying will include the financial dealings of high-ranking politicians, government ministers, and senior officers.

This a move being pushed by the International Monetary Fund (IMF) which is aimed at preventing the country from being locked out of the global financial system for money laundering.

Earlier the National Treasury agreed to the IMF demands and will start tracking the flow of cash of the said group of people.

The Financial Reporting Centre (FRC), the anti-money laundering agent is preparing changes to the law that will require financial institutions to reveal sources of cash for top politicians and business associates.

These proposed amendments to the Proceeds of Crime and Anti-Money Laundering Act and Regulations are aimed at preventing the laundering of illicit proceeds from corruption.

This new directive comes at a time when a global firm released a damning report by an international anti-money laundering team that flagged deficiencies in Kenya.

“To help prevent the laundering of illicit proceeds from corruption, the authorities plan by end-June 2023 to submit to the National Assembly, draft amendments to the Proceeds of Crime and Anti-Money Laundering Act and Regulations to address gaps in the AML/CFT legal framework, including requirements on politically exposed persons [PEPs], in line with FATF standards,” IMF report reveals following approval of $447 million disbursement to Kenya on Monday.

“To this end, the authorities aim to prioritize ensuring compliance by banks with enhanced due diligence measures for higher risk customers, including PEPs, through AML/CFT risk-based supervision.”

Kenya has a history of multi-billion dollar corruption cases that have never been solved.

GAROWE ONLINE