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{
    "id": 1554484,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554484/?format=api",
    "text_counter": 338,
    "type": "speech",
    "speaker_name": "South Mugirango, UDA",
    "speaker_title": "Hon. Silvanus Osoro",
    "speaker": null,
    "content": "very serious preventive measures to deter it. We must learn as a country to protect before it happens. That is why this Bill seeks to grant the Financial Reporting Centre, supervisory bodies and regulatory organisations authority to supervise and enforce preventive measures against terrorism. These entities would also be empowered to oversee the implementation of targeted financial transactions by reporting institutions and further strengthening Kenya's Counter- Terrorism Financing Framework. With respect to the Betting Lotteries and Gaming Act (Cap 131), the Act is set to be amended to enhance the regulatory powers of the Betting Control and Licensing Board (BCLB). The amendments will empower the Board to regulate and supervise entities under the jurisdiction for compliance with anti-money laundering, counter-financing of terrorism and counter-proliferation financing measures. Betting, lotteries and gaming attract a lot of cash- flows within their systems and if not keenly checked, one who has an intent of financing an act of terrorism would hide in such companies or in organisations that do these lotteries in the pretence of saying it is for a winner but in real sense they are financing terrorists. The amendment will empower the Board to regulate and supervise entities within that jurisdiction so that one can trace the funds ―where they are coming from and where they are being taken ― so that people do not take advantage of the gap in the law as far as Betting, Lotteries and Gaming Act is concerned, to pass some huge amounts of money in the name of betting. Additionally, the amendments will, of course, introduce penalties for violations related to money laundering and terrorism financing, and a legal entity found in breach may face a fine of up to Ksh5 million, while a natural person may be fined up to Ksh1 million. Hon. Temporary Speaker, with respect to the Retirement Benefits Act (Cap 197), the Bill provides for the powers of the Retirement Benefits Authority for anti-money laundering and countering the financing of terrorism purposes of the Act. It seeks to provide for the regulations, supervision and compliance for anti-money laundering, combating the financing of terrorism and counter-proliferation financing by all reporting institutions supervised by the Authority. This simply empowers the Retirement Benefits Authority so that it can supervise, manage, and see what happens in any authority supervised by them and also see the movement. We are still talking about terrorism financing, and it is very important that this Act is reviewed so that it can fit within that line. To strengthen the role of the Authority, the Bill provides for vetting, which is very important, inspection, provision of necessary documents, sanctions, supervision of significant shareholders, proposed beneficial owners, directors and senior officers of reporting institutions in helping the Authority to achieve its mandate. It is vital that it must help the Authority to achieve its mandate by supervising all those steps so that we do not leave a single gap that can lead to a leakage in mass money movement without being revealed. The Bill provides for penalties for violations relating to money laundering and terrorism financing. A legal person who fails to comply is liable to a penalty not exceeding Ksh5 million, and if it is a natural person, a fine not exceeding Ksh1 million. Of course, the other one is a legal person. Further, there is an additional penalty not exceeding Ksh100,000 in each of the above-mentioned cases for each day of non-compliance. If that non- compliance continues, the fine that will be imposed will be almost Ksh100 000 each day that that person does not comply."
}