Business Daily | by Constant Munda
Second-hand car dealers will be required to reveal the identity of buyers and their sources of income in the latest drive to combat money laundering and flow of illicit money.
The Financial Reporting Centre (FRC) says it is looking at a legal or a policy framework that will compel car dealers to report all transactions above Sh1 million and smaller payments that are deemed suspicious.
The move, if approved by the Cabinet and Parliament, will see second-hand motor vehicle dealers designated as non-financial reporting institutions, alongside…
