Kenya’s property market target for illicit finances
Apartments under construction in Nairobi. A watchdog report shows that Kenya’s real estate market is a favourite destination for illicit funds within the region. FILE PHOTO | NMG
Kenya’s banking and real estate sectors have become prime targets for illicit finances as gaps in the implementation of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) law have created a fertile ground for money laundering.
According to the latest report by The Sentry watchdog dated October 2021, weaknesses in Kenya’s finance and real estate sectors have been exploited to finance South Sudan’s conflict, with arms and ammunitions also transiting through Kenya into the country.
