KENYA CLASHES WITH IMF ON REPORTING LARGE CASH TRANSACTIONS

On 2 November, All Africa reported that Kenya last month lifted requirement for individuals or businesses to disclose in writing to banks the source and destination of withdrawals and deposits above $10,000.  This was despite being a signatory to a UN framework that require amounts above this threshold to be reported.  Lifting of the restrictions is meant to help small businesses that heavily rely on cash transactions but whose day-to-day operations have been limited by the stringent reporting rules that are meant to curb money laundering.

https://allafrica.com/stories/202111020760.html

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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