Kenya has been selected to take part in the global meetings and working groups of the Financial Action Task Force’s (FATF) for a year, strengthening its efforts to exit the grey list as the first review approaches.
This opportunity is part of FATF’s inaugural guest initiative, which enables countries from the watchdog’s regional bodies to join key discussions and actively engage in anti-money laundering, counter-terrorism financing, and proliferation financing (AML/CFT/PF) efforts.
REALITY CHECK | How FATF Grey Listing Affects a Country’s Financial and Economic Environment
According to a PwC report, investors consider grey-listing as a key factor when evaluating the risk of conducting business.
In this article, we take a look at the possible… pic.twitter.com/TU8PJHelXx
— BitKE (@BitcoinKE) March 3, 2024
Kenya’s inclusion as one of the first guest members, alongside the Cayman Islands and Senegal, has provided the country with an opportunity to send delegates to the 5-day FATF plenary, which commenced in Paris, France, on February 17 2025.
Kenya is the first guest non-member from the East and Southern Africa Anti-Money Laundering Group (ESAAMLG), FATF’s regional body for Eastern and Southern Africa, to participate in the plenary.
“The Kenyan delegation will be defending the country’s progress to exit the grey list and similarly ensure that the country’s position is articulated at this important meeting while representing the voices of other countries in the ESAAMLG region that are not directly able to participate in FATF meetings,” said Financial Reporting Centre Director-General, Saitoti Maika.
“This invitation is a clear demonstration of the FATF’s confidence in Kenya’s efforts to address the deficiencies identified in its mutual evaluation report so that it can exit the FATF grey list in the shortest time possible.”
Kenya was added to the FATF grey list in February 2025, alongside other jurisdictions from the ESAAMLG region, including Angola, South Sudan, Tanzania, Mozambique, Namibia, and South Africa, all of which are under heightened scrutiny regarding illicit financial flows.
🇰🇪🇳🇦REGULATION | Kenya 🇰🇪 and Namibia 🇳🇦 Latest African Countries Added to Financial Action Task Force (FATF) Grey List
According to FATF, Kenya primarily faces risks associated with flows of money connected to terrorism financing from both domestic and international sources,… pic.twitter.com/zsHXN1vCCC
— BitKE (@BitcoinKE) February 26, 2024
The East African nation is determined to regulate crypto assets as part of its efforts to modernize anti-money laundering and counter-terrorism financing strategies.
🇰🇪 REGULATION | Kenya Seeks Crypto Regulation to Avoid FATF ‘Grey List’
Interestingly, BitKE has consistently highlighted previous greylistings as being related to a lack of crypto regulation in South Africa🇿🇦, Nigeria 🇳🇬, and Botswana 🇧🇼. Soon after passing virtual assets… pic.twitter.com/23h1lEHWgv
— BitKE (@BitcoinKE) February 20, 2024
The East African nation, which has lagged behind other African nations in terms of clear regulations, recently invited public comments on the draft rules, with views to be submitted to the Kenya Treasury on or before January 24 2025.
[TECH] REGULATION | Kenya Invites Public Comments on Draft Crypto Regulations, Deadline Set for January 24 2025: Kenya is forging ahead with plans to regulate the crypto industry, with a request for public p.. https://t.co/Db9eqIhxi8 via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) January 11, 2025
According to the Ministry of Finance, it will cost KES 1.82 billion (~$14 million) to introduce regulations for the use of cryptocurrency and digital tokens in the country.
Kenya 🇰🇪 Crypto Regulations to Cost ~$14 Million, Says Kenya Ministry of Finance
See below the budget allocations, according to the Kenya Ministry of Financehttps://t.co/3K4LeJ2UwQ @KeTreasury pic.twitter.com/7ZdzijIAFk
— BitKE (@BitcoinKE) January 15, 2025
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