Kenya has established the Financial Reporting Centre to combat financing of terrorism activities in the country and in the East African region.
This will have a major impact in other countries in the region since Kenya, and especially Nairobi, has been pointed out as a major destination for the proceeds from piracy in the Indian Ocean and a key transit point for terrorist funds to neighbouring Somalia.
The country’s Anti-Money Laundering Advisory Board, whose mandate is to advise FRC, said it has approved the centre which will combat illicit financial activity.
“The Ministry of Finance and Central Bank of Kenya have agreed to provide office space and second staff to the FRC on an interim basis,” board chairman John Wanyela said in a statement issued in Nairobi.
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