Oh, what a glorious day for Kenya’s financial integrity! President William Ruto, the self-proclaimed “hustler-in-chief,” has signed the Anti-Money Laundering and Countering of Terrorism Financing Laws (Amendment) Bill, 2025, into law, with all the pomp and ceremony one might expect from a man determined to cement his legacy as East Africa’s guardian of fiscal virtue.
The State House event on June 17, 2025, was a spectacle of righteousness, with Ruto flanked by parliamentary heavyweights, all nodding solemnly as if they’d never seen a shady shilling in their lives. This bill, we’re told, is a masterstroke to seal loopholes that have allowed illicit cash to flow through Kenya’s financial and real estate systems like water through a sieve. But let’s not get too carried away with the applause just yet—after all, the irony is thicker than the wads of cash allegedly floating around Ruto’s inner circle.
The bill itself is a response to Kenya’s less-than-stellar report card from the Eastern and Southern African Anti-Money Laundering Group (ESAALG) and the Financial Action Task Force (FATF). These global watchdogs have long pointed out that Kenya’s financial system is about as watertight as a paper bag in a monsoon.
The European Commission’s recent decision to blacklist Kenya as a high-risk country for money laundering and terrorism financing—joining the likes of Algeria and Venezuela—must have stung. Announced on June 10, 2025, the EU’s move was a diplomatic slap, prompting this legislative scramble to amend ten Acts of Parliament, including the Mining Act, Sacco Societies Act, and Public Benefits Organizations Act, to plug gaps that have facilitated everything from property transaction scams to shell company shenanigans. The bill empowers agencies to freeze suspicious assets faster and scrutinizes beneficial ownership, because apparently, Kenya’s been a playground for those who love their money dirty.
But here’s where the plot thickens, and the sarcasm drips like honey. Ruto’s crusade against illicit cash flows is noble on paper, but his allies seem to have missed the memo. Take, for instance, the curious case of Kipchumba Murkomen, the Transport Minister, who’s been spotted flaunting wealth that raises eyebrows higher than Nairobi’s skyline. In 2024, Murkomen was called out for donating millions at church fundraisers, prompting questions about where a public servant gets such cash.
He’s not alone. Kimani Ichung’wah, the National Assembly Majority Leader, and Senator Aaron Cheruiyot have also been linked to extravagant displays of wealth, with Cheruiyot once defending a pair of “modest” $100 shoes that looked suspiciously pricier. These are the same folks who dismissed Gen Z protesters as “KFC-eating, Uber-riding” city kids during the 2024 Finance Bill protests, which, by the way, ended with parliament being set ablaze and 22 deaths. Talk about tone-deaf.
Then there’s the murky government-to-government oil deal, where Azimio leader Raila Odinga alleged that Sh42.9 billion was siphoned off without parliamentary approval. Treasury CS Njuguna Ndung’u and Energy CS Davis Chirchir, both Ruto loyalists, were implicated, with Chirchir’s name popping up in past graft scandals like a bad penny. Transparency International’s 2023 report didn’t mince words, slamming Ruto’s administration for appointing individuals under investigation for graft, flouting the Constitution’s Chapter Six on integrity. And let’s not forget the fake fertilizer and edible oils scams, which have bled Kenya dry while Ruto’s allies preach austerity from their gilded podiums.
So, why this bill, and why now? It’s not just about appeasing the EU or FATF; it’s about saving face. Kenya’s debt is ballooning—over $80 billion by mid-2024—and Ruto’s “Bottom-Up Economic Transformation Agenda” is looking more like a bottomless pit. The bill’s origins lie in Kenya’s desperate need to restore its global reputation and avoid further economic isolation. But when the president’s own allies are neck-deep in allegations of corruption, one can’t help but wonder if this is less about reform and more about optics.
Ruto’s signing of the bill is a bold gesture, but until his inner circle stops treating Kenya’s coffers like a personal ATM, this anti-money laundering law might just be another shiny trophy for the State House shelf.
