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{
    "id": 1553986,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1553986/?format=api",
    "text_counter": 564,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": "There are people who are holding money as virtual assets, in terms of bitcoins and crypto- currencies. We have a lot of money in our Saccos. I am happy to see the Chairman of the Parliamentary Savings and Credit Co-operative Society (PACOSO). This is one of the regulated Saccos in this country which holds billions of deposits, savings and shares. It is, therefore, important that the same scrutiny that is done on banking transactions, Sacco transactions, betting and mineral transactions, should also be done in our estates, as per the Estates Agents Act. Some of the provisions of this Bill also intend to take away entities that are not high risk like the non-profit-making organisations. Those are monies that are put together to build the welfare of the people. This particular Bill now takes them away from what we call the risk-based approach, and leaves them from the oversight of this law. This law is also providing new definitions and stronger sanctions, for example, the definition of “terrorism financing” and “dealer” in precious stones. It is imposing substantial penalties on an un- registered estate agents and other actors who operate outside the regulatory framework. That will close very dangerous loopholes that have previously been exploited. I painfully remember the butchering of 147 candidates at Garissa University. You all remember the US Embassy bombing in Nairobi at Co-operative House. I was in Class 6 or 7 then. We all remember the Dusit D2 Hotel complex bombing in Nairobi. Why was that possible? It is because it was possible to flow finances for those terrorist attacks. The parents of the students from Garissa University have never recovered. Lives of very young Kenyans at that particular time were lost."
}