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{
    "id": 124054,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/124054/?format=api",
    "text_counter": 242,
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    "speaker": null,
    "content": "Madam Temporary Deputy Speaker, we, as a country, are now among the last countries on the continent which have not introduced this law. This law has now been introduced by virtually all countries in the African Union; Uganda, Tanzania, Ghana, Nigeria and South African. It is only Kenya and Somalia that have not introduced anti- money laundering law. We also do not live in a vacuum. We trade with the rest of the world. The G20 have actually now given a condition that by the February next year, countries which have not introduced this law, will suffer some sanctions in terms of trade. What are the implications? The implications are, for example, we will have problems with our letters of credit when want to trade with other countries. Credit cards coming from banks in countries that have not introduced these laws will not be honoured outside. So, we will become like a pariah nation. It is, therefore, very important that this law is introduced as quickly as possible. We know how the proceeds coming from some of these criminal activities affect our economy. This country has been going through recession as a result of what we went through last year. First, we had the post-election crisis. Secondly, we had drought that seriously affected our economy. Thirdly, we had the global financial meltdown which all negatively affected our economy. We will expect that in such a situation, the real estate prices in our country will be going down. But against all the odds, the property prices in our country have been appreciating. It completely defeats all the economic logic. How is it because it is not difficult to explain? Proceeds coming from piracy activities are the ones which are swelling it here. We know how piracy in the Indian Ocean is affecting our trade. As a result of the dangers of piracy in our sea routes, insurance companies have increased their premiums being paid for goods that are destined to our country. So, it is making our trade much more expensive. But this money which ships are forced to part with through extortion by pirates is definitely finding its way into our country. That is the reason you find property prices in this City have skyrocketed. In some estates of this town, the locals cannot buy property anymore. You go to South C, Nairobi West, Eastleigh and most parts of the town, you will find that values of properties have gone up. Most Kenyans are not very happy about it. I know that there is so much tension in our country as a result of money laundering activities that are going on; proceeds of piracy. “Laundering” means that money that is ill gotten; that is the proceeds of piracy, drugs and sales and so on. Sometimes it is carried in boxes. It is used to purchase property. Then once it has been converted into a property, it has been laundered because then it can be sold. Then you will have sold your property."
}