Kenya to spy on money accounts of politicians, judges under IMF deal
- Africa
- Anadolu Agency
- Published Date: 05:53 | 22 December 2022
- Modified Date: 05:58 | 22 December 2022
The Kenyan National Treasury told the International Monetary Fund (IMF) on Thursday it will spy on bank accounts of politically exposed persons (PEPs) to ensure incomes are allowed by state laws.
It includes the president, judges and politicians, in a bid to fight corruption and money laundering.
The announcement came after a $447.39 million loan was approved by the IMF.
The IMF notes that the move was necessary to address gaps in the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) legal frameworks as laid out by the Financial Action Task Force (FATF) -- a money laundering and terror financing watchdog.
An IMF report notes that "to help prevent the laundering of illicit proceeds from corruption, the authorities (in Kenya) plan by end-June 2023 to submit to the National Assembly, draft amendments to the Proceeds of Crime and Anti-Money Laundering Act and Regulations to address gaps in the AML/CFT legal framework."
Due to their roles, PEPs risk being exposed to financing terrorism and or money laundering. They include judges, parastatals, politicians, their allies, families and business associates.