CBK probes Saudi firms over money laundering
The Central Bank of Kenya (CBK) in collaboration with some local and international investigative agencies are investigating two companies owned by a Saudi national over claims of money laundering.
The two companies are allegedly seeking to transfer about $250 million (Sh25 billion) from Sudan through Kenya to Saudi Arabia.
The Registrar of Companies said Abdullah Abdullah Ibrahim, a Saudi national, incorporated his two firms—Lovely Elite Limited and The Blessed Elite Time Limited—on March 7, 2019.
The authorities seek to establish the authenticity of the companies,the nature of their business, their profiles and individuals behind them.
Source of money
Sources at CBK said investigations were launched after the companies failed to indicate the source of their money.
The firms had indicated in their application for registration that they intended to engage in mining, but failed to acquire a mining license and approval to export minerals.
CBK insists that all foreign companies must comply with the regulations dealing with anti-money laundering and anti-terrorism.
Directorate of Criminal Investigations boss George Kinoti, without elaborating, said although they had not established any criminal element in regards to the two companies, they had developed interest in their operations.
“We are trying to establish the individuals behind the two companies and all their present and past activities,” said Kinoti.