Ruto signs anti-money laundering bill into law
President William Ruto has signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025 into law.
President William Ruto has signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025 into law.
The Head of State assented to the bill on Tuesday, June 17, at State House, Nairobi.
The bill, which was sponsored by National Assembly Majority Leader Kimani Ichung’wah, aims to strengthen Kenya’s framework for tackling money laundering, terrorism financing, and proliferation financing.
The Anti-Money Laundering bill was initially passed on April 16, 2025, but President Ruto returned it to Parliament with reservations.
The bill was passed for the second time on June 3, 2025, with ten Acts of Parliament amended to address technical compliance deficiencies flagged by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF).
The amended laws include the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A), the Prevention of Terrorism Act (Cap. 59B), the Betting, Lotteries and Gaming Act (Cap. 131); the Retirement Benefits Act (Cap. 197), the Mining Act (Cap. 306) and the Sacco Societies Act (Cap. 490B).
Others are, the Accountants Act (Cap. 531), the Estate Agents Act (Cap. 533), the Certified Public Secretaries of Kenya Act (Cap. 534) and the Public Benefits Organizations Act (No. 18 of 2013).
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President Ruto also assented to the Insurance Professionals Bill (National Assembly Bills No. 13 of 2024 which establishes a comprehensive legal framework to regulate the insurance industry.
The bill was sponsored by Molo Member of Parliament Kuria Kimani, aims to improve service standards, strengthen accountability, and address professional misconduct in the sector.
The new law introduces a bottom-up registration regime for insurance professionals, heralding a new era in insurance regulation.
The bill also mandates the formation of a Registration Committee responsible for receiving applications, issuing practicing certificates, monitoring compliance with quality assurance standards, and recommending disciplinary enquiries when necessary.
Furthermore, the bill establishes the Insurance Institute of Kenya, governed by a council, as the lead professional organization overseeing the conduct and standards of insurance practitioners.
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