NAIROBI, Kenya- President William Ruto has enacted the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill, 2023, strengthening Kenya’s legal arsenal in the fight against illicit financial flows and terrorism financing.
The new law aims at enhancing compliance with international standards while reinforcing local enforcement mechanisms.
Among the major changes is the expansion of the Financial Reporting Centre’s (FRC) authority, allowing it to impose financial penalties on non-compliant institutions and professionals.
“This legislation aligns Kenya with global norms on transparency and accountability. It sends a strong message that Kenya will not be a haven for illicit money,” said Ruto.
Kenya is keen on pursuing reforms that cement our position in the region as a leader in financial integrity and regulatory reform.The signing of the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025 reinforces this vision by sealing gaps that
According to the government, the move marks a critical step in closing loopholes previously exploited by money launderers and financiers of terror.
“This law empowers the Financial Reporting Centre to directly issue penalties for violations without seeking court approvals, saving valuable time and resources in curbing economic crimes,” President Ruto explained.
The head of state emphasized the broader goal of safeguarding the integrity of Kenya’s financial system.
The signing of the bill follows growing concerns over the role of financial crimes in undermining national security and economic stability.
It comes at a time when Kenya is under increasing scrutiny by global watchdogs to enhance its anti-money laundering and counter-terrorism financing frameworks.
Analysts say the law could help Kenya avoid being grey-listed by the Financial Action Task Force (FATF), which could have damaged its global financial reputation and deterred investment.
With this legal framework now in place, relevant agencies are expected to begin the rollout of enforcement guidelines and capacity-building initiatives to ensure smooth implementation.
