This, as the government moves to strengthen investor confidence and lower the cost of international financial transactions. Nairobi International Financial Centre CEO Daniel Mainda with Treasury PS Chris Kiptoo during the NIFC Horizon 2026 summit dubbed “ Financing the Next Economic Chapter”, in Nairobi, on November 4/ HANDOUT KENYAh hopes to exit the global financial crime grey list by April 2027 after addressing 19 of the 21 deficiencies identified by the Financial Action Task Force (FATF), Treasury Principal Secretary Chris Kiptoo has said.
This, as the government moves to strengthen investor confidence and lower the cost of international financial transactions. Kiptoo said the country had made significant progress in addressing weaknesses in the prosecution and disruption of money laundering and terrorism financing as Nairobi steps up efforts to attract at least $5 billion (Sh649.4 billion) in foreign direct investment by 2030 through the Nairobi International Financial Centre (NIFC).
Speaking at the NIFC Horizon 2026 forum in Nairobi yesterday, Kiptoo said the government had implemented legislative and institutional reforms to address concerns raised by the global financial crime watchdog. "Of the 21 deficiencies we were to address to get out of the grey list, we have addressed 19.
And only two are remaining. We are targeting to come out of it by April next year," he said. Kenya was placed on the FATF grey list over weaknesses in its anti-money laundering and counter-terrorism financing framework, exposing financial institutions and businesses to increased scrutiny when conducting international transactions.
Kiptoo said the government had introduced the Anti-Money Laundering and Combating of Terrorism Financing laws of 2025, with supporting regulations being developed to strengthen enforcement. Other interventions include strengthening the Financial Reporting Centre, the Public Benefit Organisations Regulatory Authority and risk-based monitoring of financial transactions.
He warned that continued grey listing could undermine Kenya's competitiveness by increasing transaction costs and slowing investment deals. "Being on the grey list does not mean financial transactions with Kenya are banned. But foreign banks, lenders and investors apply strict scrutiny to cross-border payments, which can raise transaction costs and slow down deals," he said.