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A perspective on Kenya’s Proceeds of Crime and Anti-Money Laundering (Amendment) Act, 2017

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Although Kenya has had an anti-money laundering framework in place since 2009, the country has remained vulnerable to money laundering and financial fraud. The inadequacies of the original legal framework to regulate a sector which has undergone significant evolutions both in traditional and non-traditional financial services has created regulatory gaps that can be exploited by a range of actors. Weaknesses in the legislation and enforcement mechanisms have been highlighted in a number of corruption scandals rocking the country in the recent years. Nevertheless, President Kenyatta recently signed into law the Proceeds of Crime and Anti-Money Laundering (Amendment) Act 2017 (POCAMLA 2017); an amendment which seeks to strengthen the framework and enforcement mechanisms.

 

In this Africa InDepth note, we explore how POCAMLA 2017 will affect financial and private sector compliance requirements, and we examine its impact and risk to various industry players. 

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Sharon Cheramboss – Consultant, Intelligence and Analysis

Sharon is a Consultant in africapractice’s Intelligence and Analysis team, based in our offices in Nairobi. In this role, she advises clients on political, security, regulatory and reputational risks associated with operations and investments across East Africa. Sharon was previously a Legal Affairs and Business Intelligence Manager for MovaPay, a financial technology and software development firm based in Nairobi, where she conducted market entry, regulatory and business intelligence analysis and oversaw the roll-out of Bharti Airtel’s M-Loan services in Africa. She also worked as a Business Intelligence and Investigations Analyst at Salamanca Group, a London-based risk management firm. She holds a Master’s Degree in Law and Finance from University of Oxford and a Bachelor of Arts degree with First Class Honours in Law, Accounting and Finance from the University of Kent.

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