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{
    "id": 1464846,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1464846/?format=api",
    "text_counter": 274,
    "type": "speech",
    "speaker_name": "Laisamis, UDM",
    "speaker_title": "Hon. Joseph Lekuton",
    "speaker": null,
    "content": "the Departmental Committee on Finance and National Planning regarding the operations and performance of the Unclaimed Financial Assets Authority (UFAA). The UFAA was established under Section 39 of the Unclaimed Financial Assets Act, Cap. 494. It plays a crucial role in safeguarding unclaimed financial assets held by various entities such as banks, insurance companies, pension funds and other financial institutions. The Authority receives unclaimed financial assets from holders of such assets, safeguards and reunites them with the rightful owners. Given the significance of the UFAA’s role and the substantial amounts of unclaimed assets under its purview, it is imperative that this House and the public at large are fully informed on its activities. Transparency and accountability in the management of those assets are crucial to maintaining public trust and ensuring effective execution of the UFAA’s mandate. It is against this background that I request for a statement from the Chairman of the Departmental Committee on Finance and National Planning on the following: 1. Report on the total amount of unclaimed assets collected by the Authority since its establishment. 2. Report indicating the number of individuals that have successfully reclaimed their assets through the UFAA, including the total amount disbursed. 3. An outline of the investment strategies employed by the UFAA in managing the collected assets, including investment portfolio, total interest earned and risk management policies. 4. Report on any Corporate Social Responsibilities (CSR) initiative undertaken by the UFAA. 5. Measures taken by the UFAA to leverage on technology to enhance its operations, including digital platforms to support asset identification and reunification processes. I, thank you, Hon. Temporary Speaker."
}