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Message: [QUOTE="Munyaradzi Mafaro, post: 43030, member: 636"] 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 officials. Kenya promised to strengthen its banking supervision and terrorism funding prevention programs. Government leaders developed action plans with international monitoring groups to address these problems. The nation completed terrorism financing risk assessments and updated sanctions frameworks since early 2024. Kenya must present money laundering studies to banks and government agencies under the improvement plan. Financial institutions need better training to spot suspicious transactions and report them quickly. The National Assembly considers new anti-money laundering legislation to meet international standards. Virtual currency service providers will face licensing requirements and regular supervision. EU officials welcome Kenya's commitments but want faster progress on these financial security measures. [/QUOTE]

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