Anti-Money Laundering Workshop in Nairobi
11Sep’24
The Office hosted a high-level Anti-Money Laundering Workshop aimed at strengthening efforts to combat Illicit Financial transactions in Africa. The African Organisation of English-speaking Supreme Audit Institutions (AFROSAI-E) Regional Project brought together delegations from Audit Offices of Sierra Leone, Uganda, and Zambia in partnership with the Netherlands Court of Audit and German International Cooperation Agency (GIZ). Further, a collaborative agreement was signed paving the way for the Anti-Money Laundering audit, scheduled to take place between September 2024 and April 2025.
Auditor-General Nancy Gathungu emphasised the need for regional organisations to prioritise fighting Illicit Financial Flows (IFFs) and promoting transparency in Public Finance Management. She highlighted the global nature of money laundering, noting that funds often end up in developed nations’ safe havens. “When we talk about money laundering, you could see money goes out, but it goes to some of these so-called safe havens which are in the developed nations,” the AG said.
The Auditor-General also stressed the importance of collaboration with the Central Bank of Kenya, National Treasury, Ethic and Anti-Corruption Commission (EACC), and other oversight authorities to assist in combating IFFs. She said that tackling of IFFs, requires joint efforts from both developing and developed countries.
Money laundering hampers the achievement of Sustainable Development Goals (SDGs) and affects development projects. Additionally, efficient financial systems are crucial tools for economic growth and public trust.
The workshop also focused on improving the Quality of Performance Audits in Anti-Money Laundering, strengthening collaborations, and enhancing capacity development and knowledge sharing among various Audit Institutions.
