Enhancing compliance: a proposal of EARB as the supervisory body that regulates real estate agents against money laundering
Date
2024
Authors
Kariuki, O. M.
Journal Title
Journal ISSN
Volume Title
Publisher
Strathmore University
Abstract
Money laundering, the process of disguising illicit proceeds as legitimate assets, remains a global challenge. This study delves into the susceptibility of Kenya's real estate sector to money laundering, despite existing regulatory frameworks. The primary objectives include assessing the degree and nature of financial crime in Kenya, scrutinizing the estate industry's role in facilitating such activities, evaluating government regulatory efforts, and proposing strategies to bolster anti- money laundering practices. In pursuit of these objectives, a doctrinal approach employing desktop research is adopted, examining legal texts and documents related to money laundering policies in the real estate industry. A documentary analysis is also employed to trace the evolution of money laundering and highlight regulatory efforts and existing gaps. Additionally, policy and institutional analyses are applied to comprehend the execution of regulations and the roles played by regulatory bodies. This research identifies critical weaknesses in Kenya's regulatory framework, including regulatory gaps between key laws, unclear compliance expectations for real estate agents, and a lack of anti-money laundering guidelines for the regulatory body. To address these issues, the study proposes key recommendations: amending legislation to address loopholes, empowering the regulatory body to enforce anti-money laundering measures, and actively collaborating with international partners such as the FATF. Implementing these measures will fortify Kenya's financial defences, safeguarding its real estate sector from further becoming a haven for laundered money.
Description
Full - text undergraduate research project
Keywords
Citation
Kariuki, O. M. (2024). Enhancing compliance: A proposal of EARB as the supervisory body that regulates real estate agents against money laundering [Strathmore University]. http://hdl.handle.net/11071/15890