• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Kenya Gives the US Access to Bank Transactions of over Sh1 Million

samrack by samrack
September 1, 2015
in Africa, Diaspora, Kenya, Kenya Diaspora News, News
A A
0
Kenya Gives the US Access to Bank Transactions of over Sh1 Million
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn
President Uhuru Kenyatta welcomes his US counterpart Barack Obama at the Safaricom Gymnasium, Kasarani, in July. PHOTO | JEFF..

Kenya Gives the US Access to Bank Transactions of over Sh1 Million

Kenya has agreed to share details of every financial transaction worth at least Sh1 million ($10,000) with the US government in the latest bid to curb money laundering and combat terrorism financing.

The information, which financial institutions, cash dealers and professional bodies are under obligation to submit regularly to the Financial Reporting Centre (FRC) — under the Proceeds of Crime and Anti Money Laundering (Amendment) Act, 2012 — will also be circulated to other countries.

Under a deal that President Uhuru Kenyatta signed with President barack Obama when he visited Nairobi in July, the US Government will provide Kenya with a software to track such transactions in a bid to detect illicit money.

“The US also pledges to procure software for Kenya’s FRC to improve the analysis of suspicious transactions and better communication with other countries’ FRCs once the requisite platform is in place,” the White House says in a communique posted on its website.

“The US commits to conduct an in-country assessment to determine the feasibility of such an engagement”.

Under the deal, Kenya will give the US open access to the software “to enhance collaboration between the two countries.”

Kenya says the partnership will boost the FRC’s capacity even as the US Governmentfurthers its fight against global terrorism and other international money crimes.

“The US Government comes on board to help fight money laundering at a time when Kenya’s Financial Reporting Centre has been struggling to win ‘‘a war in a game that is controlled through modern technology where most players collude with financial institutions to achieve their illicit money transactions greed”, the Presidential Strategic Communication Unit writes.

The deal will also see Kenya join the Egmont Group, a global network of financial intelligence units of different countries that exchange information, train members and share expertise on money laundering and terrorist financing cases.

“The US Government commits to support Kenya’s efforts to join the Egmont Group and to work with the Government of Kenya in meeting the requirements for membership,” the White House says.

For a start, Kenya will engage the World Bank to conduct a full risk assessment for money laundering and terrorism finance, the White House statement adds.

Kenya has also committed to introduce compulsory ethics training for all public officials, raise its forensic investigation capacity, and strengthen its border controls even as it undertakes to fully implement its anti-money laundering rules and regulations.

Kenya also committed to arrest any public official suspected of engaging in crime and to “successfully prosecute persons suspected of corruption-related crimes.”

Attorney-GeneralGithu Muigai is expected to meet with his US counterpart “to discuss best practices and to improve bilateral cooperation in criminal cases, with a focus on mutual legal assistance and extradition.”

– Business Daily

Tags: FATCAFinancial Reporting Centre (FRC)Kenya Gives the US Access to Bank Transactions of over Sh1 Million
Previous Post

KNH suspends radiotherapy for cancer patients

Next Post

Ushindi Church Welcomes You to our Day of Praise(Sunday, Sept. 13, 2015)

Related Posts

Kenya Airways Subsidiary Fahari Aviation To Receive Embraer Eve eVTOL Aircraft From 2026
Business

Kenya Airways Subsidiary Fahari Aviation To Receive Embraer Eve eVTOL Aircraft From 2026

June 22, 2022
Kenyan Nurse Given a Three-story Home in Lebanon, Pennsylvania After Volunteer Work
Diaspora

Kenyan Nurse Given a Three-story Home in Lebanon, Pennsylvania After Volunteer Work

June 22, 2022
Uhuru’s Daughter Ngina Kenyatta Ties the Knot in a Traditional Wedding Ceremony
Diaspora

Uhuru’s Daughter Ngina Kenyatta Ties the Knot in a Traditional Wedding Ceremony

June 22, 2022
Untold Stories of How Thika Road Estates Got Their Names
Business

Untold Stories of How Thika Road Estates Got Their Names

June 22, 2022
President Uhuru Rejects To Assent Into Law ICT Bill, Opting To Send It Back To Parliament For Review
Kenya

President Uhuru Rejects To Assent Into Law ICT Bill, Opting To Send It Back To Parliament For Review

June 22, 2022
Police in Nairobi recovered 22 firearms and 565 rounds of ammunition during an auction mission on Tuesday in Kilimani suburbs, Nairobi county.
Business

Police in Nairobi recovered 22 firearms and 565 rounds of ammunition during an auction mission on Tuesday in Kilimani suburbs, Nairobi county.

June 22, 2022
Next Post
Ushindi Church Welcomes You to our Day of Praise(Sunday, Sept. 13, 2015)

Ushindi Church Welcomes You to our Day of Praise(Sunday, Sept. 13, 2015)

Please login to join discussion
Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply. Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply. Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply.
ADVERTISEMENT
ADVERTISEMENT

Latest News

Kenya Airways Subsidiary Fahari Aviation To Receive Embraer Eve eVTOL Aircraft From 2026

Kenyan Nurse Given a Three-story Home in Lebanon, Pennsylvania After Volunteer Work

Uhuru’s Daughter Ngina Kenyatta Ties the Knot in a Traditional Wedding Ceremony

Untold Stories of How Thika Road Estates Got Their Names

President Uhuru Rejects To Assent Into Law ICT Bill, Opting To Send It Back To Parliament For Review

Police in Nairobi recovered 22 firearms and 565 rounds of ammunition during an auction mission on Tuesday in Kilimani suburbs, Nairobi county.

George Wajakoya’s Running mate: Who is Justina Wangui Wamae

IEBC set to make corrections to voters’ register

Kenya cannot ban Mitumba without upsetting the US,Just ask Rwanda

Transition/Death Announcement of Francis Kagumba Mwenenia (Father to Pastor Naomi Kagumba (Lowell,MA ) of St Stephen’s Church Dracut,MA

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

Police in Nairobi recovered 22 firearms and 565 rounds of ammunition during an auction mission on Tuesday in Kilimani suburbs, Nairobi county.

Police in Nairobi recovered 22 firearms and 565 rounds of ammunition during an auction mission on Tuesday in Kilimani suburbs, Nairobi county.

by samrack
June 22, 2022
0

Police in Nairobi recovered 22 firearms and 565 rounds of ammunition during an auction mission on Tuesday in Kilimani suburbs,...

George Wajakoya’s Running mate: Who is Justina Wangui Wamae

George Wajakoya’s Running mate: Who is Justina Wangui Wamae

by samrack
June 9, 2022
0

She has risen to prominence, following her selection as a running mate for one of the only four presidential candidates...

  • About Us
  • Archives
  • SWG Registration

© 2021 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2021 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 0.842 seconds. Stats plugin by www.blog.ca