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{
    "id": 1278818,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1278818/?format=api",
    "text_counter": 219,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "The Bill seeks to provide the following: supervision and enforcement, cross boarder declaration of monetary instruments, reporting suspicious transactions, reporting of cash transactions past the cash transaction reporting threshold from USD10,000 to USD15,000 and enhance the transparency on beneficial ownership. It also enhances transparency on beneficial ownership. Again, many people have hidden behind companies from which we can never lift the veil and know who the beneficial owners of certain companies registered in this country and outside are. Therefore, the Bill seeks to enhance transparency around beneficial ownership. It will also help in combating terrorism financing, proliferation of financing weapons of mass destruction and small arms, and targeted financial sanctions. As the Chairman of the Departmental Committee on Justice and Legal Affairs mentioned, it makes mutual legal assistance between countries easy because money laundering and combative terrorism is a global matter and affair. Therefore, we need very clear provisions on how countries worldwide can offer each other mutual legal assistance. That is so that if you commit a crime, whether it is around terrorism financing and financing of weapons or an act of money laundering, you will know there is no safe haven anywhere in the world—not in Dubai, South Africa, the United Kingdom or even the Cayman Islands. For a long time, the Cayman Islands and all the British Virgin Islands have been used, especially by the political class in this country, as a safe haven for money looted from Kenyans, the latest being the Telkom heist during the last regime. I must remind the Chairpersons of the Departmental Committees on Communication, Information and Innovation, and Finance and 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."
}