Ruto signs anti-money laundering law for tracking mobile money transactions
3 min read
Ruto assents the anti-money laundering and combating of terrorism financing laws allowing the State to receive and review bank transactions flagged as suspicious
Ruto assents the anti-money laundering and combating of terrorism financing laws allowing the State to receive and review bank transactions flagged as suspicious.
President William Ruto on Friday, September 1 signed the Anti-Money Laundering and Combatting of Terrorism Financing Laws Amendment Bill, 2023, and the Climate Change Amendment Bill into law at State House Nairobi.
The Anti-Money Laundering bill amends the Extradition (Contiguous and Foreign Countries) Act (Cap 76) and the Extradition (Commonwealth Countries) Act (Cap. 77) to allow the surrender of a fugitive criminal who consents to be extradited to a requesting State.
It also amends the Capital Markets Act (Cap. 485A) to empower the Capital Markets Authority to enforce the compliance of its licensees with the laws on anti-money laundering and combating of terrorism financing and proliferation financing.
Other acts that have been amended include; the Insurance Act, Banking Act, Microfinance Act, Anti-Corruption and Economic Crimes Act and Proceeds of Crime and Anti-Money Laundering Act, 2009.
The new amendments introduced several measures to detect and prevent money laundering activities in Kenya, including the supervision and enforcement of terrorism financing and reporting suspicious transactions.
Financial institutions will also enhance the screening of their customers to ensure transparency in financial dealings.
As part of their enforcement responsibility, banks and other financial institutions are required to ensure that any transaction above Ksh1.7 million (current exchange rates) is reported to the FRC.
France ready to ‘respond’ after Niger military orders police to throw French envoy out
Karua hits out at Ruto over corruption in Judiciary remarks ‘start with yourself’
Ruto goes after the Judiciary ‘We’ll deal with you’
AU responds on Gabon coup as the opposition thanks military
WorldCoin scanners exposed Kenyans to health risks; Health CS
“The Law increases the value of a cash transaction in which a reporting institution is obliged to file a report with the Financial Reporting Centre from Ksh1.2 million (USD 10,000) to Ksh1.7 million (USD 15,000),” the statement read in parts.
The Climate Change Bill on the other hand has been amended to empower the Cabinet Secretary to appoint the Designated National Authority for market mechanisms and any other mechanisms deriving from Article 6 of the Paris Agreement.
The Bill has also been amended to empower the Climate Change Council to provide guidance and policy direction on carbon markets to the national and county governments, the public and other stakeholders.
The Climate Change Bill has further been amended to regulate the share of proceeds and cancellation rates and compels the national and county governments to undertake best practices.
Also read,
Security scare as plane crashes into a school building
Kremlin to take Wagner mercenaries to Africa after killing of Prighozin
DPP appeals against Babu Owino’s acquittal case in DJ Evolve shooting
Ruto, Raila bipartisan teams call on Kenyans to share their views on talks; How to submit
Nyayo House out of bound as State takes on passport brokers
Follow us
