Towards Anti-Money laundering Legislation In Kenya: A Case Study of the Mobile Telephony Money Transfer System

Abstract

Mobile money transfer has made a significant contribution to the Kenyan economy and has neutralized the monopoly enjoyed by banks and other remittance agencies in so far as remittancesand payments are concerned. Mobile money transfer has revolutionized how business is carried out in Kenya thus regulation is paramount. Furthermore, the fact that mobile money transfer is a key enabler of financial services exposes it to the risk of moneylaundering. It is therefore extremely essential to ensure that adequate anti-money laundering laws are enacted and enforced to ensure that the gains achieved by mobile money transfer are not lost.