Kenya: Car dealers, law firms cited as new money-laundering fronts


January 26 2019

Second-hand car dealers, real estate developers and law firms have emerged as new conduits for laundering dirty cash into the economy, the anti-money laundering czar and banks said on Thursday.

The Financial Reporting Centre (FRC) and Kenya Bankers Association (KBA) have called for a review of the law to require non-financial firms to start reporting suspicious dealings and transactions from Sh1 million.