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{
    "id": 1554007,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554007/?format=api",
    "text_counter": 585,
    "type": "speech",
    "speaker_name": "Molo, UDA",
    "speaker_title": "Hon. Kuria Kimani",
    "speaker": null,
    "content": " He will have his chance. My point is that in 2025, money is not just held in the banks. It is held in SACCOs, virtual assets and estates. The conditionalities, scrutiny and know-your-customer measures that we put in our banking system should apply to all financial institutions in 2025. That is progress because that is the reality. Very few young people operate bank accounts. M-Pesa transactions currently hold bigger deposits than most banks. If I need to provide documentation to withdraw Ksh1 million from my bank account, the same should apply when I want to withdraw Ksh1 million from my M- Pesa, virtual assets or when I am depositing money to buy and develop real estate. That is the intent of this Bill. Again, let us remember that we have a choice between being on the grey list or on the black list. Do we want to go the North Korea or Iran way? Some countries have found themselves in similar situations. South Africa was grey-listed in 2023, but they moved swiftly and amended six pieces of law. Their Parliament prioritised the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) reforms and by mid-2024, the Financial 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."
}