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Kenya is set to spearhead the region’s efforts in combatting money laundering as it takes over the leadership of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) next year.
At the group’s recent meeting in Kasane, Botswana, Kenya’s Treasury Cabinet Secretary, Njuguna Ndung’u, assumed the role of Chair of the Council of Ministers, while the director-general of the Financial Reporting Centre, Saitoti ole Maika, took on the position of Chair of the ESAAMLG Task Force of Senior Officials.
Kenya’s leadership term in this regional group commenced in September 2023 and will extend for one year, with Prof Ndung’u overseeing the main decision-making body, the Council of Ministers.
ESAAMLG operates as a Financial Action Task Force (FATF) aimed at combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The structure includes a Council of Ministers (Council), a Task Force of Senior Officials, a Steering Committee, and a Secretariat.
Saitoti explained, “The Council is ultimately responsible for setting the strategic direction of the Group, including the approval of programs. It is chaired by a President who serves for a period of one year.”
On the other hand, the task force, headed by a chairperson, consists of senior government officials from the legal, financial, and law enforcement sectors within the ESAAMLG region. They are responsible for anti-money laundering and countering the financing of terrorism (AML/CFT) and provide recommendations to the Council for approval on technical matters.
Kenya’s leadership role in this critical financial sector regulatory body aligns with the conclusion of the country’s one-year FATF monitoring period this month, following the release of its AML/CFT Mutual Evaluation Report in November 2022.
Mr. Saitoti highlighted Prof Ndung’u’s pivotal role in establishing the current AML/CFT regime, making him a fitting leader for the next year. Kenya is actively addressing 107 recommended actions identified in the Mutual Evaluation Report and anticipates a positive review in February 2024.
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