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 sanctions target 85 groups and individuals purportedly "associated" with the terrorist organization, including money remitters, currency exchangers, advocacy groups, bus companies, a hotel and dozens of individuals. The publication of the list follows al-Shabab's April 2 attack on Garissa University College that killed nearly 150 people. For two agents at designated money services businesses (MSBs) in London, the measures have translated into a roughly 50 percent decline in their weekly...
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.
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.
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.
U.S. bank restrictions have exacerbated the troubles of Somali money services businesses to the point that companies and individuals alike are resorting to complex workarounds to send money to the East African nation.
American and British officials will likely weigh steps to quash fundraising by the Somali rebel group behind the terror attack and hostage standoff in Kenya, two investigators said Monday.
American sanctions, terrorist financing prosecutions and rising related compliance costs have made it increasingly difficult for Somalia's U.S.-based community to move money to the African nation.
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