The Clerk of the National Assembly has invited the public and stakeholders to submit opinions on the Anti-Money Laundering and Combatting Terrorism Financing Laws (Amendment) Bill.
In a notice dated Monday July 31, the National Assembly directed the public to submit their memoranda to on the Bill to the Departmental Committee on Finance and National Planning and the Departmental Committe on Justice and Legal Affairs.
“The memoranda may be forwarded to the Clerk of the National Assembly, P.O Box 41842-00100 Nairobi; hand-delivered to the Office of the Clerk, Main Parliament Buildings, Nairobi; or emailed to email@example.com ,“read part of the notice.
The Bill, which was first read on Wednesday July 26, seeks to amend laws relating to anti-money laundering and combating terrorism financing and financing of proliferation weapons.
Further, the Clerk stated that a copy of the Bill is available at the National Assembly Table Office, Main Parliament Buildings or online.
The Bill seeks to amend the Extradition (Contiguous and Foreign Countries) Act (Cap.76) and Cap 77 (Commonwealth Countries) by providing for simplified extradition measures and expressly providing for the offence of terrorism financing as an extraditable offence.
“The Bill seeks to amend the State Corporation Act (Cap.446) to exclude the application of the act to the Financial Reporting Centre thereby facilitating it’s operational independence in conformity with the Financial Action Tasks Force (FATF) Standards,” read part of the notice.
Capital Markets and Insurance Act
Additionally, the Bill seeks to amend the Capital Markets Act (Cap.485A) to empower the Capital Markets Authority to supervise its licenses under the Act to whom the provisions of the Proceeds of Crime and Anti-Money Laundering Act, 2009 apply.
Also, the Bill seeks to seeks to empower the Insurance Regulatory Authority by amending the Insurance Act (CAP.487)
“The Bill also seeks to harmonize the licensing regime under the Act with the Financial Action Task Force (FATF) Standards,” the notice reads.
Moreover, it seeks to amend the Banking Act (Cap.488) to empower the Central Bank of Kenya to supervise institutions and agents of reporting institutions under the Act to whom the provision of the Proceeds of Crime and Anti-Money Laundering Act (POCANMA) 2009 apply.
The Bill also seeks to include the offence of Money Laundering as an economic offence under the Proceeds of Crime and Anti-Money Laundering Act.
In addition, the Bill seeks to amend the POCANMA 2009 to extend the application of preventative and enforcement measures applicable to the Act.
Proceeds of Crime and Anti-Money Laundering Act
Further, the Bill seeks to grant supervisory bodies powers to supervise, monitor and ensure compliance with anti-money laundering, combating terrorism financing and countering the finance.
“The Bill seeks to amend the National Polce Service Act,2011, to provide for the use of controlled delivery as an investigative technique available for use by authorized officers,” read the notice.