THE Financial Intelligence Centre’s 2024 Trends Report has revealed that in 2024, the Centre detected US$3.5 billion in suspected illicit financial flows, which were mostly associated with commercial activities carried out by multinational enterprises in the private sector. The Centre also noted a reduction in analysed reports related to public sector corruption, dropping from 55 in 2023 to 40 in 2024. Meanwhile, during the period under review, the Centre froze 34 bank accounts and 10 mobile money accounts, holding cumulative balances of US$4.7 million and K176.9 million, to facilitate inquiries by competent authorities. The FIC’s 10th Money Laundering and Terrorist Financing Trends Report indicated that 1,203 subjects were involved in the illicit transfer of funds, comprising 401 corporate entities and...
