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{
    "id": 124038,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/124038/?format=api",
    "text_counter": 226,
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    "content": "financial institutions to report suspicion of existence of terrorist related funds to competent authorities. Special recommendation five calls upon states to engage in the greatest possible range of international co-operation and relation to combating terrorists financing including the denial of safe haven for suspected terrorists financiers. Special recommendation six calls upon states to license or register all alternative remittance dealers and their agents and to subject transgressions to sanctions. Special recommendation seven calls upon states to ensure enhanced customer due diligence on wire transfers. Special recommendations eight calls upon states to review the laws that relate to non-profit organizations while special recommendation nine calls upon states to detect the cross border transportation of cash and negotiable instruments and to impose sanctions on persons who transgress laws requiring declaration or disclosure of such movements. Mr. Deputy Speaker, Sir, the Government of Kenya is committed to fighting the vice of money laundering and has towards this end joined regional and international bodies committed to fighting the vice and committed offences. Kenya is a signatory to a number of UN Conventions, has signed and ratified all UN Conventions, African Union and the COMESA protocols relating to combating money laundering, corruption and financing of terrorism. By signing and committing to implement these conventions, Kenya has joined the global partnerships to combating corruption, money laundering and terrorists financing. Similarly, through its membership of the East and Southern African Anti-Money Laundering Group (ESAAMLG), we have committed ourselves, as a country, to implement the 40 plus nine anti-money laundering and terrorism recommendations. The ESAAMLG comprises 40 member countries namely; Botswana, Kenya, Tanzania, Lesotho, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Seychelles, Uganda, Zambia and Zimbabwe. At this stage, I would like to inform you that Kenya held the Presidency of the council of this group from August 2008 to August this year and I handed over the Presidency to my colleague from Lesotho last month during the Ninth ESAAMLG Council of Ministers meeting in Maseru, Lesotho. Money launderers are continuously looking for new routes for laundering their funds. Economies with growing or developing financial centers but inadequate controls are particularly vulnerable as established financial centre countries implement comprehensive anti-money laundering regime. Some may argue that developed economies cannot afford to be more selective about the source of capital they attract. Money laundering not only damages the integrity of an individual institution, but it has severe adverse effects on direct foreign investment when a country’s commercial and financial sectors are perceived to be under the control and influence of organized criminals. Aware of the damages corruption and money laundering has caused to our economy and society, the Government has committed itself to fight corruption in all its manifestations and hon. Members are aware of the legal and instructional reform measures we have taken in this regard. Indeed, the Proceeds of Crime and Anti-Money Laundering Bill is intended to further the agenda and improve governance framework in our country."
}