A report has said the government of Kenya is conducting a National Risk Assessment on Money Laundering and Terrorism Financing as it concerns Nairobi, the capital of the country.
Kenya is among countries whose real estate sector is highly used for laundering proceeds from graft and international financial flows, a report has shown.
The report by ‘Sentry,’ named Nairobi among top locations where dirty money connected to African war criminals and transnational war profiteers are lodged.
It says African kleptocrats, especially those in war-torn countries, have increasingly favored real estate in African cities, among them Nairobi, as a means for laundering the proceeds of corruption.
It added that banks, governments, and regional and international organizations have not prioritized the fight on these activities in cities like Nairobi, Kampala, Windhoek, Cape Town, and Johannesburg as the survey notes, creating an opportunity for corrupt actors to exploit the sector.