Kenya’s gold dealers are now required to report cash sales exceeding Sh1.9 million in a bid to combat money laundering and aid the country in exiting the FATF grey list. Proposed legislative amendments seek to align their reporting obligations with those of banks, thereby enhancing financial oversight.
In a significant move towards combating money laundering, gold dealers in Kenya will now be mandated to report cash transactions exceeding Sh1.9 million. This regulation is part of proposed anti-money laundering reforms designed to assist Kenya in exiting the Financial Action Task Force (FATF) grey list, which it has been on since February due to inadequacies in addressing financial crimes.
The FATF grey listing has resulted in intensified scrutiny of Kenya’s financial sector. Local banks are now under stricter observation, especially concerning international transactions. Proposed amendments to the Proceeds of Crime and Anti-Money Laundering Act aim to align gold dealers’ reporting obligations with those of banks and financial institutions that are already required to report large cash transactions.
The amendments were presented in the National Assembly by Majority Leader Kimani Ichung’wah. By including precious metal dealers in these regulations, the Kenyan government hopes to enhance efforts against illicit financial flows, ensuring a more secure economic environment.
In addition to the new reporting requirements, various shows offered by NTV Kenya cover a range of topics. These include AM Live, which focuses on current affairs, and Business Redefined, dedicated to economic and financial policy. The network also features numerous podcasts and programs addressing social, health, and lifestyle issues in Kenya, ensuring a comprehensive coverage of relevant matters affecting society.
In conclusion, the introduction of mandatory reporting for gold dealers on cash transactions over Sh1.9 million represents a critical step in Kenya’s efforts to mitigate money laundering and escape the FATF grey listing. This alignment with financial institutions highlights the government’s commitment to strengthening the financial sector’s integrity. Additionally, the diverse programming of NTV Kenya illustrates the network’s commitment to engaging the public on various pertinent issues.
Original Source: ntvkenya.co.ke
