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{
    "id": 1554041,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554041/?format=api",
    "text_counter": 619,
    "type": "speech",
    "speaker_name": "Hon. Memusi Kanchory (",
    "speaker_title": "",
    "speaker": null,
    "content": "Kajiado Central, ODM): Thank you, Hon. Temporary Speaker, for giving me this opportunity. I stand to support this amendment Bill on the fact that it seeks to seal loopholes in 10 potential areas that can be used or have been used for money laundering. Allow me to briefly explain to the House the reasons Kenya is on the grey list. We are on the grey list for three reasons. They are: Weak counter financing terrorism laws; weak anti-money laundering (AML) supervisory and regulatory laws and weak supervisory by supervisors and regulators due to lack of adequate regulatory framework. Those are just a few areas why we are on the grey list. As we speak, our neighbours in Tanzania are putting measures such as these ones to get out of the grey list. There are no laws that stand alone. Every law is anchored on the Constitution. Issues that are being raised here, that people will be condemned unheard, are all lies. The Constitution provides for administrative justice. Right now, our banks require you to declare the source of any money that is above Ksh1 million. I do not see why these regulations are being taken as if people will be condemned if they bring in amounts that they just need to explain. I want my colleagues to look at the bigger picture. The economy of this country depends on good laws to be passed. Anti-money laundering laws will bring in investors to this country. This House is a representative of people. We must look at the security of our people. As much as we are alarmed when we talk about financing terrorism, it is financed by money laundering. With those few remarks, I support. 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."
}