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{
    "id": 124116,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/124116/?format=api",
    "text_counter": 304,
    "type": "speech",
    "speaker_name": "Mr. Duale",
    "speaker_title": "The Assistant Minister for Livestock Development",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": " Mr. Prime Minister, I also agree with you. But there is an assumption in this country – out in the media and very remotely in this House – that when a Kikuyu or Somali has US$1 million, it is criminal money and when an Indian or white man comes with Kshs10 million, it is clean money and he is an investor. That must be very clearly defined in this country. We want to agree because the Kenyans who have property in this country and most parts of the City are living within the parameters of the Kenyan law. If there is anybody who feels that there is a certain group in this country which is doing business and making the real market forces go up as a result of money laundering, we want him or her to provide that information to the Central Bank and security agents of this country. Madam Temporary Deputy Speaker, we have many side effects of money laundering. One of them is that money laundering provides a unique infrastructure, both domestically and internationally, to people who are in organized crime. So, if we abolish that infrastructure that money laundering gives both domestically and internationally, then crime and more so, organized crime will be reduced. Madam Temporary Deputy Speaker, the other major side effect of money laundering is that it threatens financial stability in the world and more so, in our country. This is because the moment we cannot ascertain where the money is coming from, then we cannot regulate or monitor our financial institutions. Madam Temporary Deputy Speaker, the other side effect of money laundering is that it gives undue profits and incentives to people when they get money that they have not worked for. We have put in place a Bill, and I want to congratulate the Minister for Finance, but we must look at the following: We must look at compliance evidence. I am not a lawyer but for us to say that, that particular business is as a result of money laundering, compliance evidence must be provided. Also, circumstantial, forensic or any other evidence must be provided. Why are we saying this? We do not want a situation where as a result of business rivalry or political influence, somebody will come and say: “Company X’s or individual Y’s money is from money laundering.” Finally, this is for the Deputy Prime Minister and Minister for Finance and the Committee. We need to consider the following areas in this Bill at the Third Stage and at implementation. We must consider the cost of implementing the anti-laundering regulations. I want the Minister to borrow the example of the Swedish Government. The Swedish Government has one of the best legislation that is implemented in that part of the world in terms of cost. We must know how much as country are we going to pay for it. We must look at the compliance rate both in our country and in the world. So we borrow experiences. What is our compliance rate? We must get experiences from the world and here, I had looked at the United Kingdom anti-money laundering and asset"
}