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{
    "id": 1278785,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1278785/?format=api",
    "text_counter": 186,
    "type": "speech",
    "speaker_name": "Tharaka, UDA",
    "speaker_title": "Hon. George Murugara",
    "speaker": null,
    "content": "Hon. Temporary Speaker, the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill (National Assembly Bill No.35 of 2023) has 17 proposed amendments. The Hon. Speaker committed the 17 proposed amendments to two Committees of the House. Ten of the 17 proposed amendments were committed to the Departmental Committee on Justice and Legal Affairs. The legislations are: 1. The Extradition Contiguous and Foreign Countries Act, Cap.76 of the Laws of Kenya. 2. The Extradition of the Commonwealth Countries Cap.77 of the Laws of Kenya. 3. The State Corporations Act, Cap 446 Laws of Kenya. 4. The Anti-Corruption and Economic Crimes Act (No.3 of 2023). 5. The Proceeds of Crime and Anti-Money Laundering Act, 2009 (No.9 of 2009). 6. The National Police Service Act, 2011 (No.11A of 2011). 7. The Ethics and Anti-Corruption Commission Act, 2011 (No. 22 of 2011). 8. The Mutual Legal Assistance Act, 2011 (No.36 of 2011). 9. The Prevention of Terrorism Act, 2012 (No.30 of 2012). 10. The Companies Act, 2015 (No.17 of 2015). Those committed to the Departmental Committee on Finance and National Planning are: 1. The Capital Markets Authority Act, Cap. 485 of the Laws of Kenya. 2. The Insurance Act, Cap. 487 of the Laws of Kenya. 3. The Banking Act, Cap. 488 of the Laws of Kenya. 4. The Central Bank of Kenya Act. Cap. 491 of the Laws of Kenya. 5. The Micro-Finance Act, 2006 (No.19 of 2006). 6. The National Payment System Act, 2011 (No.39 of 2011). 7. The Limited Liability Partnership Act, 2011 (No.42 of 2011). It is important to note that these particular sets of proposed amendments deal with the Anti-Money Laundering Laws. The Departmental Committee on Justice and Legal Affairs and the Departmental Committee on Finance and National Planning tabled elaborate reports, and each Member is invited to review. They deal extensively with what each of the proposed amendments entails. It is important to note that anti-money laundering laws are important to this country for various reasons. One of them is foreign investment. Unless we have good laws, investors may be jittery when they come into the country to invest their money. Certain international standards must be adhered to so that investors and lenders can all be comfortable with the country's financial systems. This is why it has become necessary to come up with these proposed amendments after consultations with partners, which will improve the running of businesses. They will also prevent, most importantly, activities associated with terrorism and money laundering. Agencies that are tasked with the responsibilities of fighting terrorism will have better laws to enforce, and those charged with enforcement of economic crime laws will also have better laws to use. In a nutshell, it is important to note from the Memorandum of Objects what exactly these particular laws are doing. I urge every Member to get a copy of the Bill and look at the Memorandum of Objects to ascertain what is being dealt with. Let us move on to some of the laws sought to be amended. They include the Extradition (Contiguous and Foreign Countries) Act (Cap.76) and the Extradition (Commonwealth The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}