The International Monetary Fund (IMF) has announced plans to spy financial dealings of high-ranking politicians.
In a report by the Daily Nation on Thursday, December 22, the Financial Reporting Center, the anti-money laundering czar revealed that it was seeking to amend the law to allow financial institutions to be the source of top politicians’ cash as well as those of their close family members.
The new changes which are expected to come into force starting June 2023 are aimed at preventing the laundering of illicit proceeds from corruption.
“To help prevent the laundering of illicit proceeds from corruption, the authorities plan by end-June 2023 to submit to submit to the National Assembly, draft amendments to the proceeds of crime and Anti-Money Laundering Act and Regulations to address gaps in the AML/CFT legal framework, including requirements on politically exposed persons in line with FATF standards,” IMF said.
If adopted, the changes will see President William Ruto, Deputy President Rigathi Gachagua, Members of Parliament, parastatal Chief Executive Officers, High ranking judges, military officers, and board members of top firms’ bank accounts being monitored.
The proposed changes follow a damning report that the Jubilee administration illegally spent to the tune of KSh 23 billion during the now Rtd. President Uhuru Kenyatta’s last days in office.
IMF on Wednesday, December 21, said it had officially commenced investigations into the alleged report that Uhuru Kenyatta misappropriated KSh 23 billion taxpayer’s money days before handing over power to his successor William Ruto on Tuesday, September 13.
It said that the scrutiny was part of the Kenya Kwanza regime to “conduct a special audit at providing accountability and transparency for spending undertaken outside the approved budget.”
“A planned special audit on supplementary budgeting including under Article 223 of the Constitution to provide accountability and transparency for spending outside the approved budget is being conducted,” said IMF.
