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{
    "id": 1278805,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1278805/?format=api",
    "text_counter": 206,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "in Kenya are not strong enough. With the enactment of this Bill now and when it becomes an Act of Parliament, we will have a clear regulatory framework that will ensure that nobody takes advantage of Kenyans even for these virtual assets. It will ensure nobody can use these virtual assets because it is probable that people can use the virtual assets to finance terrorism or launder money. This law now will make it very difficult for anybody from anywhere around the world to use virtual assets to launder money, finance terrorism or clean money that has come from criminal activities. During this peer review, it was also noted that the provision of Terrorism Act does not have provisions for sanctioning legal persons. That is why I said with the amendments in this Bill, because this is almost like an omnibus Bill as it is amending both the Terrorism Act and the Anti-Money Laundering Acts of Parliament… We will now have provisions that can sanction the legal persons including companies, trust funds and foundations. We have seen in the past people obtaining money through corruption and others through criminal activities. What they do is register and put the money in a trust fund or register a foundation. We have seen even politicians who run foundations."
}