How the Coming of the Bitcoin Has Given Terrorists a Soft Landing in Kenya

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Terrorism has become a global problem hence making many nations come up with ways and means to counter terrorists attacks and deal with members and financiers of terror groups.

Even as Nations try to fight this terror menace, terrorists groups have countered plans that have been initiated to control their operations.

Terror groups have now come up with fresh and more modern ways of conducting their financial transactions so as to fund their deadly activities.

It has now been revealed that Purchase of property, cash transactions, cyber currency (such as bitcoin) and the dark web are some of the ways used by terrorists to launder money.

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According to Director of Assets Recovery Agency Muthoni Kimani, combating money laundering and countering the financing of terrorism is most important global agenda.

“Money laundering and financing terrorism pose a threat to global economies and security. Prominence in the age of globalisation, advanced technology and the internet have made it very easy and convenient to move highly illicit funds,” Kimani said.

She said, however, advancement in technology has also made it easy to track terrorism financiers and money launderers.“Tracking the movement of illicit financial flows is important and is one of the tools that can be used to counter criminal syndicates.”

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“Kenya has put in place a legal framework and institutions to combat money laundering and recover proceeds of crime,” Kimani said.

“The attorney general has partnered with CWAG-AAP to train prosecutors and investigators on ways to counter money laundering and terrorism finance.” she added.

Institutions collaborating with the government include Finance Reporting Center, Assets Recovery Agency, National Counterterrorism Centre and Central Bank, which regulates financial institutions and reports suspicious transactions.

What more Initiatives should the Government Come Up With to Help Counter Terrorists Operations?

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