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{
    "id": 1503325,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1503325/?format=api",
    "text_counter": 565,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "The spirit is however very good. This is because we have a lot of monies in billions of shillings that are lying in the unclaimed assets and that the authority is using to trade in bonds, treasury bills and other transactions of the banks. How then do we achieve the difference? If you look at the Unclaimed Assets Act, it necessitates all financial institutions to first of all use all means necessary to try and find the beneficial owners of those assets. It also prohibits them from keeping that money or those balances after a stipulated amount of time, but to transfer those assets into the Unclaimed Assets Authority. We need to look at the penalties prescribed in the law for failure to do that. If we have these financial institutions remit all the unclaimed financial assets to the authority and put it to task, in order to use all means necessary to find the beneficial owners of these assets, then this matter will not arise. We are however concerned as a committee, that if this is left as it is, we could have people claiming to be designated to access these funds. And remember, the real beneficial owners of these assets do not know that they own them and therefore depend on the fund. With that, I beg to support."
}