GATE KEEPING ON ANTI MONEY LAUNDERING AND COUNTER TERRORIST FINANCING: A CASE FOR THE KENYAN ADVOCATE
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Abstract
In May 2018, Kenyan lawyers were met by the news that there have been proposed amendments to the Proceeds of Crime and Money Laundering Act that sought to compel lawyers to report their ’ transactions to the Financial Reporting Center. Designated Non-Financial Professionals and Businesses (DNFPBs) have been identified in the FATF recommendations as lawyers, notaries, trusts and Company Service Providers, Real Estate agents, accountants, and auditors. The obligations placed on the lawyers by the proposed amendments that would require reporting are securities and other assets, buying and selling of real estate, management of bank, savings or securities accounts, organization of contributions for the creation, management and operation of companies. The obvious rebuttal to this is the risk of compromising confidentiality which is the crux of the advocate-client relationship together. This article will outline the concept of gate keeper and analyze the status of Transactional/Corporate and Commercial Advocates as Gatekeepers. It shall also delve further into the Gatekeeper initiative, and look at the evolution of and the extent of Financial Action Task Force (FAFT) has gone to give guidance to legal professionals on Anti Money Laundering (AML) and Counter Terrorist Financing (CTF).
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