The story at a glance
-The regulation to curb money laundering is as old as late 70s in most developed countries.
-Bank experts will on Thursday meet at Nairobi’s Norfolk hotel to share experiences on anti-money laundering technologies
-The International Monetary Fund puts the aggregate size of money laundering in the world between $725 billion (Sh56.5 trillion) and $1.8 trillion (Sh140.4 trillion).
-The fraud is effected by passing the proceedings secretly through legitimate business channels by means of bank deposits, investments, or transfers from one place (or person) to another.
Kenya now has a new law on anti-money laundering
-Under the new law, those found guilty of the offense of money laundering will serve a jail term not exceeding seven years, or a fine not exceeding Sh2.5 million, or both.
BY JAMES RATEMO IN NAIROBI
Kenyan banks have been urged to employ latest technology to fight money laundering.
Speaking ahead of an Anti-money laundering conference scheduled for Thursday in Nairobi, Infrasoft Technologies Limited Managing Director, Hanuman Tripathi said human labour alone cannot detect the many often-veiled suspicious transactions in banks. » Read more: Kenya: Technology can curb money laundering-Infrasoft tells Banks
