Nairobi, May 27 -- Lawmakers have recommended an additional Sh388.16 million allocation to Kenya's anti-money laundering agency for the fiscal year starting July to rescue Kenya from the global dirty money "grey list" and avert deeper scrutiny of its financial system.

The National Assembly's Departmental Committee on Finance and National Planning said the funding is intended to strengthen operations at the Financial Reporting Centre (FRC) and help Kenya close compliance gaps identified by the Financial Action Task Force (FATF), the global anti-money laundering watchdog.

Kenya was placed on the FATF grey list on February 23, 2024, after the global watchdog flagged weaknesses in the country's systems for combating money laundering, terror...