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Amendment to Anti-Money Laundering and Combating Financing of Terrorism Act Strengthens Fight Against Terrorist Financing and Proliferation

Nairobi, Kenya - The government has passed an amendment to the Anti-Money Launderling and Combating Financing of Terrorism (AMLCFT) Act, aimed at strengthening the country’s efforts against terrorist financing and proliferation. The amendment addresses a critical deficiency in the existing legislation by enabling targeted financial sanctions related to terrorism, terrorist financing, and proliferation financing to be investigated, tried, and punished as independent offences.

Key Provisions

The amended law introduces several key provisions designed to enhance Kenya’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regime. These include:

Offence of “Financing of Proliferation Act”: Makes it a criminal act to provide financial support to activities that could contribute to the development or production of weapons of mass destruction.
Prohibition on making funds available to designated persons and entities: Unless authorized by the United Nations Security Council.
Increased penalties for legal persons: Fines of up to KES 30 million.

Establishment of Counter Financing of Terrorism Inter-Ministerial Committee

The amendment also establishes a Counter Financing of Terrorism Inter-Ministerial Committee, which will be responsible for formulating and supervising the implementation of Kenya’s National Strategy and Action Plan on Countering the Financing of Terrorism.

Expert Reaction

Experts have welcomed the amendments, saying they will enhance Kenya’s ability to combat terrorist financing and proliferation. “The expanded scope of the offence of money laundering to include terrorism and proliferation financing means that all sanctions and penalties against ML apply to PF and TF,” said Muniu Thoithi, Advisory Leader at PwC East Africa.

PwC has issued a newsletter outlining the key changes brought about by the amendment. The firm is urging reporting institutions, organizations, and supervisory bodies to prioritize unique anti-money laundering (AML), counter-terrorist financing (CFT), and proliferation financing (PF) risks associated with their sectors and allocate resources accordingly.

Contact Information

For further information on the AML/CFT Amendment Act and PwC’s services, please contact:

Muniu Thoithi, Advisory Leader, East Africa
John Kamau, Associate Director, Forensics & Financial Crime, East Africa
Joseph Githaiga, Associate Director, Legal Business Solutions
Titus Kariuki, Senior Manager, Financial Crime, East Africa
Brenda Guchu, Manager, Forensics & Financial Crime, Advisory - East Africa

About PwC

PwC is a global network of firms delivering assurance, tax, and advisory services. In Kenya, the firm has been providing professional services for over 20 years.

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