EFCC’s Anti-Money Laundering Drive Impresses Kenya’s Financial Intelligence Unit

EFCC’s Anti-Money Laundering Drive Impresses Kenya’s Financial Intelligence Unit

The Director-General of Kenya’s Financial Reporting Centre (FRC), Mr. Saitoti Kimerei Maika, has hailed the Economic and Financial Crimes Commission (EFCC) for its robust implementation of anti-money laundering and counter-terrorism financing measures in Nigeria.

Maika, represented by the FRC’s Director of Legal Compliance and External Relations, Mr. James Manyonge, gave the commendation in Abuja during a study visit to the EFCC’s Special Control Unit Against Money Laundering (SCUML).

He praised SCUML’s “doggedness and resilience” in enforcing the Anti-Money Laundering, Countering Financing of Terrorism, and Countering Proliferation Financing (AML/CFT/CPF) frameworks, which align with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention) Act, 2022.

According to him, the frameworks meet global standards set by the Financial Action Task Force (FATF).

“Our visit is to learn from Nigeria’s success in supervising Designated Non-Financial Businesses and Professions (DNFBPs), which are considered vulnerable to money laundering and terrorist financing,” Maika said.

He added that the FRC, as Kenya’s Financial Intelligence Unit (FIU), serves as the central agency for receiving and analysing suspicious transactions and disseminating intelligence to law enforcement agencies.

“The challenge we face in Kenya is how to effectively regulate the DNFBP sector. SCUML’s experience in this area is worth emulating,” he said, seeking closer collaboration between both agencies to strengthen anti-money laundering and counter-terrorism efforts across the Sahel region.

The visit, which forms part of Kenya’s efforts to enhance its compliance with international AML/CFT standards, underscores growing cooperation between African financial intelligence units in tackling cross-border financial crimes.