A recent government report in Kenya disclosed a startling statistic, indicating that more than half of the private companies documented for money laundering activities are connected to the construction sector. This report has garnered significant attention and highlights the prevalence of irregular activities in this industry, which is characterized by the intensive use of cash. The construction industry is booming in Kenya, having contributed 7.1 percent of the GDP in 2022. However, this growth has made it a prime target for illicit activities, such as money laundering, which has placed Kenya on the grey list of the Financial Action Task Force (FATF), an international anti-money laundering watchdog. This grey-listing indicates that Kenya is not effectively implementing FATF's standards to combat money laundering and terrorist financing, including maintaining an efficient register of beneficial ownership. Analysts warn that this could damage the reputation of Kenya's financial
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