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Kenya has been listed among high-risk countries by the European Commission in a renewed global crackdown on money laundering and terrorism financing.
The announcement, made on June 10, follows the EU’s updated list of third-country jurisdictions with strategic deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CFT) regimes.
Alongside Kenya, other countries added to the high-risk list include Algeria, Angola, Côte d’Ivoire, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.
The listing means that transactions involving these countries will be subject to enhanced due diligence by EU financial institutions.
The update aligns with the latest findings of the Financial Action Task Force (FATF), which monitors global AML/CFT efforts.
The European Commission emphasized the need to uphold international financial standards and ensure that listed jurisdictions fully implement FATF-recommended reforms.
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“As a founding member of the FATF, the EU is committed to global standards. We expect listed countries to take concrete steps to strengthen their frameworks,” the Commission stated.
Meanwhile, several countries were removed from the list after making significant progress, including Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates.
The changes fall under the EU’s 4th Anti-Money Laundering Directive (4AMLD), which mandates regular updates to the list of high-risk jurisdictions.
The revised list will come into legal effect following a one-month scrutiny period by the European Parliament and Council.
Commissioner Maria Luis reaffirmed the EU’s dedication to financial security.
“Identifying and listing high-risk jurisdictions remains a crucial tool to safeguard the integrity of the EU’s financial system.” Maria said.
The full list and regulation details can be found in the updated Commission Delegated Regulation (EU) 2016/1675.
