Kenya’s Financial Intelligence Unit Plays Crucial Role in Combating Illicit Financial Flows

In an effort to promote financial integrity and combat illicit activities, Kenya has established two key institutions: the Financial Reporting Centre (FRC) and the Anti-Money Laundering Advisory Board (AMLAB). These bodies are mandated to identify proceeds of crime and prevent money laundering, terrorism financing, and proliferation financing.

Financial Reporting Centre (FRC)

The FRC is Kenya’s financial intelligence unit established under Section 21 of the Proceeds of Crime and Anti-Money Laundering Act, 2009. It became operational on April 12, 2012. The primary objective of the FRC is to support efforts in identifying proceeds of crime and combating money laundering, terrorism financing, and proliferation financing.

• Vision: A Kenya free from illicit financial flows
• Mission: To promote the integrity of Kenya’s financial system by combating money laundering, terrorism financing, and proliferation financing
• Core values:
  • Integrity
  • Confidentiality
  • Professionalism
  • Innovation
  • Teamwork

Anti-Money Laundering Advisory Board (AMLAB)

The AMLAB was established under Section 49 of POCAMLA and was officially launched on June 24, 2011. The board’s mandate is to advise the Cabinet Secretary on policies and best practices on combating money laundering, as well as provide guidance to the Director General of FRC on the performance of his functions and powers.

Role in Combating Illicit Financial Flows

Both institutions play a vital role in ensuring Kenya’s financial system remains clean and free from illicit activities, thereby promoting economic stability and growth. Their efforts help prevent money laundering, terrorism financing, and proliferation financing, ultimately contributing to a more stable and prosperous economy for Kenya.