Nigeria, Sept. 30 -- An amendment to Kenya's legislation against money laundering and terrorist financing was signed into law on 17 June. The act aims to address deficiencies that saw Kenya grey-listed in February 2024 by the Financial Action Task Force (FATF), after remaining off the list for 10 years.

Grey-listing means the country is under increased monitoring and is working with FATF to improve its ability to counter money laundering and terror financing using existing laws, policies and strategies. Being on the list harms Kenya's investment attractiveness and undermines its credibility as a reliable regional partner.

FATF found that Kenya could not show any successful investigations or prosecutions of money laundering despite its h...