Nairobi, April 15 -- Kenya is receiving renewed support from the World Bank and other partners, through the National Treasury, to strengthen safeguards against money laundering. This comes in the wake of Kenya's grey-listing by the Financial Action Task Force (FATF), which found the country falls short in implementing key anti-money-laundering recommendations.

The country's anti-money-laundering system is anchored in the Proceeds of Crime and Anti-Money Laundering Act, 2009. The law establishes institutions responsible for preventing, detecting and combating money laundering.

It also requires financial institutions and other reporting entities to conduct customer due diligence and report suspicious transactions to the Financial Reportin...