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Britain, Kenya to sign MOU on financial service

03 September 2014, 07:59

Nairobi - Britain and Kenya are in the process of finalizing a Memorandum of Understanding (MOU) on cooperation in the financial services sector, capital markets regulator said on Tuesday.

Capital Markets Authority (CMA) Acting Chief Executive Officer Paul Muthaura told a media briefing in Nairobi that the agreement with CityUK will help boost the Nairobi Securities Exchange.

TheCityUK represents the UK-based financial and related professional services industry.

"The Lord Mayor of London is expected to visit Kenya in about two weeks as part of plans to support Kenya's journey to build a competitive financial services sector," Muthaura said in Nairobi.

"We want to expand Kenya's access to international financial markets," he said. Kenya is also in the process of operationalising the Nairobi International Finance Center (NIFC).

"We want to be the provider of financial services to all the underserved markets in east and central Africa," he said.

The CEO noted that in order for Kenya to emerge as an international financial center, it needs to combat money laundering.

"This will help upgrade the country's poor rating according to the Financial Action Task Force," he said. The CMA has also concluded a scoping report on implementation of Islamic capital markets products and services.

CMA urged Kenya to adopt standards set out in the Organization for Economic Cooperation and Development's Treaty Relief and Compliance Enhancement for cross border tax relief.

"This will increase inward foreign investments as tax reclaims will made easier," he said.

CMA Acting Director Regulatory Policy and Strategy Luke Ombara said that Kenya needs to put in place double taxation agreements with all countries that are significant potential investors.

"We have put in place a committee to identify priority list of countries," he said.

 - Xinhua

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