The European Union added Kenya to its money laundering high-risk countries list during June. Nine other nations joined Kenya on the dangerous financial activities watchlist after EU officials reviewed their banking systems. Algeria, Angola, Cote d'Ivoire, Namibia, Laos, Lebanon, Monaco, Nepal and Venezuela also received the designation. Eight countries escaped the list after improving their anti-terrorism financing controls. The Financial Action Task Force had previously flagged Kenya during February 2024 meetings.
EU commissioners believe Kenya lacks proper safeguards against criminals washing dirty money through banks. The country's financial oversight systems pose threats to European Union economic security according to Brussels...