Mbadi proposes tight money laundering curbs to combat terrorism financing » Capital News
NAIROBI, Kenya, Aug 31— Treasury Cabinet Secretary John Mbadi has emphasized the urgent need to address the shortcomings in Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulatory frameworks across the region.
Speaking Friday at the 24th Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Council of Ministers Meeting in Kwale, CS Mbadi reiterated the importance of political will and leadership in the fight against the vice.
ESAAMLG, a Financial Action Task Force (FATF)-style regional body, includes 14 member countries such as Kenya, Botswana, Lesotho, Malawi, Mauritius, and Mozambique.
According to a statement from the Treasury, the regional meeting marked 25 years of efforts to combat money laundering and terrorist financing.
“CS Mbadi emphasized the critical role of the Council of Ministers in providing strategic guidance for combating money laundering and terrorism financing,” the Treasury said.
The Finance CS highlighted that with 50 per cent of Africa’s greylisted countries being from ESAAMLG, it is crucial to find solutions to improve compliance.
FATF President Elisa de Anda Madrazo, underscored the significant role of the ESAAMLG Council of Ministers both in the region and globally.
She also outlined the FATF’s priorities for her presidency, including efforts to enhance financial inclusion.
“Financial inclusion is not just an ethical imperative; it is an economic necessity,” she said.
“It drives poverty reduction, empowers individuals, and stimulates economic growth.”
About The Author
