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{
    "id": 1554482,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554482/?format=api",
    "text_counter": 336,
    "type": "speech",
    "speaker_name": "South Mugirango, UDA",
    "speaker_title": "Hon. Silvanus Osoro",
    "speaker": null,
    "content": " Yes, I am. Thank you very much. I beg to move that the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill (National Assembly Bill No. 5 of 2025) be now read a Second Time. I commend the Departmental Committee on Justice and Legal Affairs for its diligent work in reviewing and strengthening this vital legislation. The Bill is a comprehensive review of various laws to address technical compliance deficiencies identified by the Eastern and Southern Africa Anti-Money Laundering Group. It also reviews other remaining issues in the country's law regimes on anti-money laundering, combating of terrorism financing, and combating the financing of proliferation. The last of such reforms was undertaken in 2023 through the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act of 2023. Such amendments are also being proposed two years down the line. In February 2024, Kenya was placed on the Financial Action Task Force's (FATF) grey list due to deficiencies in combating money laundering, terrorism financing, and proliferation financing. The FATF identified critical gaps in Kenya's regulatory framework, enforcing mechanisms, and inter-agency coordination. That necessitated urgent reforms to ensure compliance with international financial integrity standards that formed the basis of our being placed on the grey list. The FATF has provided Kenya with a compliance action plan that must be implemented to address the deficiencies and facilitate Kenya's removal from the grey list. The Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill of 2025 is a critical step in fulfilling the requirements, hence demonstrating Kenya's commitment to global financial integrity. We do not live in space but amongst others. We live in the world. We must demonstrate our financial integrity to other global players. This is the Bill that is going to get us out of such a grey list. The Bill seeks to close existing legal and institutional gaps and align Kenya's financial regulations with international best practices by amending several Acts. These include: 1. The Proceeds of Crime and Anti-Money Laundering Act (CAP 59A). 2. The Prevention of Terrorism Act (CAP 59B). 3. The Betting, Lotteries and Gaming Act (CAP 131). 4. The Retirement Benefits Act (CAP 196). 5. The Mining Act (CAP 306). 6. The Sacco Societies Act (CAP 490B). 7. The Accountants Act (CAP 531). 8. The Estate Agents Act (CAP 533). 9. The Certified Public Secretaries of Kenya Act (CAP 534). 10. The Public Benefits Organisations Act of 2013 (No. 18 of 2013). Kenya could face harsher economic consequences if we fail to act swiftly, including the withdrawal of correspondent banking relationships. That makes it difficult for businesses and individuals to transact internationally. We will face serious and harsher economic consequences if these laws are not reviewed to meet global financial integrity. As I have said, it will be very difficult for people to transact between this country and any other, especially international business people living in countries that do business. If you live in the United Arab Emirates (UAE), it will be very difficult for one to transact with this 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."
}