Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 124048,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/124048/?format=api",
    "text_counter": 236,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "Madam Temporary Deputy Speaker, anti-money laundering obligations of a reporting institution in Part IV provides for a number of obligations imposed on reporting institutions to ensure that any activities that appear suspicious and likely to be related to money laundering are reported to the financial reporting centres. These institutions are financial institutions, business and professional organizations. In order to ensure that they can perform this task, they shall be required to verify customer identity, maintain customer records, establish and maintain internal reporting procedures. Procedures for recovering and preserving proceeds of crime and laundered money are covered in Parts VII, VIII, IX and X. These parts are set up in the criminal and civil procedures to be followed in the recovery of money acquired unlawfully or laundered money. These mechanisms shall include confiscation orders, restraint orders, bankruptcy procedures and winding up companies whose proceeds have to be realised. Part IX lays down the general provisions related to preservations and forfeiture orders. Part X empowers the police to acquire information and documents from persons who may be suspected to have committed any offence under this Bill and it shall be an offence if any person required to give this information fails to comply with the police order. International assistance in tackling money laundering is covered in Part XII which says that the Attorney-General shall have the power under this part to seek help from foreign governments when investigating crime and money-laundering. He shall also be required to assist foreign governments who will be seeking similar information from Kenya. In arriving at this Bill, the National Task Force on Anti-Money Laundering and Combating the Financing of Terrorism which was formed in 2003 by the then Minister for Finance to come up with a comprehensive draft legislation on anti-money laundering involved several stakeholders including Members of the Parliamentary Departmental Committee on Finance, Planning and Trade and the Departmental Committee on Justice"
}