Govt To Monitor Accounts of President, Ministers As Part of IMF Deal
By Gladys chepkemoi - 2022-12-24 05:35:58 - [General]
The Kenyan government has committed to monitoring the financial activities of high-ranking politicians, including President William Ruto, as part of a deal with the International Monetary Fund (IMF).
The Treasury has assured IMF that from next year, the government will track the flow of cash of politically exposed persons(PEPs), including their bank accounts, to ascertain their known sources of income.
The move is aimed at preventing the country from being locked out of the global financial system for money laundering.
This comes as the Financial Reporting Centre (FRC), Kenya’s anti-money laundering watchdog, is preparing changes to the Proceeds of Crime and Anti-Money Laundering Act and Regulations
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