Nairobi is set to host the Inaugural Kenya Anti-Financial Crime Summit, a flagship event that will bring together industry experts to address the implications of Kenya’s recent greylisting by the Financial Action Task Force (FATF). The event, organized by Flywheel Advisory in partnership with the Financial Reporting Centre (FRC), is themed “Unified Strategies: Tackling Greylisting”.
The summit aims to provide a platform for financial sector players, regulators, and global thought leaders to discuss critical challenges surrounding financial crimes and to develop comprehensive strategies to help Kenya navigate its greylisting status. Grace Mburu, Founder and Executive Director of Flywheel Advisory, emphasized the importance of collaborative efforts to counter financial crimes such as money laundering and terrorism financing.
“Financial crime is evolving, and we need to develop appropriate strategies to counter these issues if we are to remove Kenya from the FATF grey list,” said Mburu.
Kenya was placed on the FATF grey list in February 2024 after an evaluation revealed weaknesses in its adherence to global standards for combating money laundering and related financial crimes. Greylisting could potentially slow down Foreign Direct Investment (FDI) inflows as businesses may reconsider their terms with countries on the list, posing a threat to the economy.
Mburu also pointed out the need for stronger regulations to detect and prevent illicit financial flows through Designated Non-Financial Businesses and Professions (DNFBPs), which include sectors such as real estate, betting, precious metals and stones, casinos, legal services, and car dealerships. She added that cryptocurrencies are another area where regulations are needed to curb financial crimes.
The summit will cover several key areas, including raising awareness of the implications of greylisting, navigating the complex tech-enabled financial crime landscape, strengthening Kenya’s regulatory frameworks in line with international standards, and fostering cross-sector collaboration to fight illicit financial flows.
