Kenya is requesting additional time to close loopholes that landed it on the Financial Action Task Force's (FATF) 'grey list' last month, while promising a "swift exit" ahead of a review in April.
Prime Cabinet Secretary Musalia Mudavadi, who is also Cabinet Secretary for Foreign and Diaspora Affairs, told a gathering of European diplomats last week that Kenya has asked the FATF for extra time to fully address the inadequacies, but hopes to be removed from the list shortly.
Mr Mudavadi stated that, while the government has implemented significant measures to combat money laundering and terrorism financing, it continues to face numerous obstacles for which it seeks assistance from the European Union.
Kenya was placed on the grey list on February 23, with the FATF saying that the country's existing anti-money laundering and counter-terrorism financing (AML/CFT) regulations did not meet international standards.
The gray list includes nations with AML/CFT rules that do not meet international norms, allowing criminals to exploit the traditional banking system to launder money and finance terrorists.
Being on the grey list effectively implies that the international watchdog will now closely monitor Kenya's progress toward addressing the aforementioned flaws.
This year, Kenya joined Namibia on the grey list, while Uganda, Barbados, Gibraltar, and the United Arab Emirates were removed during the last review on February 23.