Nairobi — The Cabinet has approved the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2023 in new measures to combat illicit money.

In a statement, State House Spokesperson Hussein Mohamed said that the amendment will boost the government's efforts to combat money laundering and enhance Kenya's financial integrity.

The proposed amendment seeks to review all existing laws related to anti-money laundering, and anti-terrorism financing to ensure efficient detection and prevention of money laundering activities in Kenya.

It includes supervising and enforcing terrorism financing, reporting suspicious transactions, transparency of beneficial ownership, and combating terrorism financing.

According to the Bill, financial institutions and designated non-financial businesses will be required to conduct thorough verification of their customers.

The Bill also seeks to enhance customer due diligence, strengthen reporting obligations, expand scope and coverage, as well as increasing penalties and deterrents.

These measures will help prevent the risk of anonymous transactions and ensure transparency in financial dealings.