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{
    "id": 1553985,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1553985/?format=api",
    "text_counter": 563,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "What does going to the blacklist mean? It actually means that, as a country, you have agreed to become a haven for financial flows on terrorism or counter-proliferation, which means financing of weapons of mass destruction. As we debate this matter, let us remember those two things. We are either on the grey list or the black list. We are on the grey list because we have a commitment that there are laws that are deficient in this country that we need to pass and if we do not, we will go to the black list and join countries like Iran and North Korea. Do we want to be Iran and North Korea as the Republic of Kenya? That is why this Bill proposes to amend 10 different statutes. They are: 1. The Proceeds of Crime and Anti-Money Laundering Act; 2. The Prevention of Terrorism Act; 3. The Betting Lotteries and Gaming Act; 4. The Sacco Societies Act; 5. The Mining Act; 6. The Accountants Act; 7. The Assets Agents Act; 8. The Certified Public Secretaries of Kenya Act; 9. The Retirement Benefits Act; and, 10. The Public Benefits Organisations Act. The essence of the amendment to all these laws, and like what some Members have been raising concerns about, is to give them the legislative framework they need to check the operations of those particular institutions on suspicion of counter terrorism. Suspicion on all these anti-money laundering, counter terrorism and proliferation does not mean that they are guilty. It just means that they need what you call Know Your Customer (KYC). In the banking sector, KYC means that when you interact with a bank or carry out a transaction, it is the bank's responsibility to understand the customer. For example, what is the purpose of the money you are transferring or depositing? With the changes in law where large sums of money are held by betting companies, SACCOs, and in the form of minerals, this is important. In 2025, a lot of finances is not necessarily held by banks as it used to be a few years ago. One of the amendments that I will be proposing from this Floor of the House is to include virtual assets and crypto-currencies under anti-terrorism law. With the evolution of the financial system, we have money moving away from our traditional financial system of banks. 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."
}