Kenyan officials will remove some money services businesses from a governmental blacklist following evaluations of the companies' compliance controls, according to an individual with direct knowledge of the matter. Kenya blacklisted the companies and dozens of other businesses and individuals in April in response to a terrorist attack in March by Somali-based al-Shabab on Garissa University that killed 148 people. At the time of the designations, Kenyan officials said the money services businesses (MSBs) would have a week to dispute the sanctions. After hearing the appeals, Kenya's regulators will disclose as early as this week that they intend to remove...
Money services businesses on a sanctions list in Kenya targeting terrorist organization Al-Shabab will have their licenses reinstated but face enhanced scrutiny going forward, the head of the country's financial intelligence unit said.
U.S. officials are increasingly relying on economic sanctions as a tool of foreign policy, but the effectiveness of sanctions in achieving policy objectives is questionable, according to Bryan Early, political science professor at University at Albany.
Kenyan officials will give money transfer companies and other businesses a week to appeal their inclusion on a sanctions list targeting al-Shabab, the head of the country's financial intelligence unit said.
Kenyan sanctions imposed Tuesday to clamp down on the finances of Somali terrorist group al-Shabab have sharply impacted money remittance businesses in London, company agents told ACAMS moneylaundering.com Thursday.
The British High Court injunction Tuesday against Barclays ending its relationship with Somali money services businesses is likely to keep the bank from dropping the accounts for five or six months, according to compliance experts.