Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1554488,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554488/?format=api",
    "text_counter": 342,
    "type": "speech",
    "speaker_name": "South Mugirango, UDA",
    "speaker_title": "Hon. Silvanus Osoro",
    "speaker": null,
    "content": "Mining is another industry that has attracted many players and involves a lot of money. A lot of money is transacted within the mining industry. So, without including the definition of terrorism financing, this is another avenue where a person with terrorist intent will seek to use the mining to channel the money because of that gap. It is important that it is reviewed to include the definition in the Mining Act because there are people who will pretend they are doing mining activities using large transactions of money but end up sneaking some amounts of money for purposes of terrorism. So, the Bill seeks to provide for additional powers to the Director of Mines for anti-money laundering and countering the financing of terrorism purposes. The Director of Mines shall undertake the following mandates: Provide for the regulations, supervise, and be keen on compliance with anti-money laundering, combating the financing of terrorism and counter-proliferation financing by all reporting institutions in line with the Act. Ensure that there is vetting, inspection, provision of necessary documents, sanctions, and supervision of mineral rights holders and dealers of reporting institutions in helping the Authority achieve its mandate. There are many miners in the country, especially in our region. I must declare interest that I am a member of the industry. Many people in this area call themselves miners. They walk around saying they picked gold from Migori or some other place. However, in the real sense, that person is using that gap in law to convey money from illegal activities such as terrorism. The Bill seeks to introduce penalties for mineral rights holders, a dealer or their agents who violate or fail to comply with the regulations of anti-money laundering, combating the financing of terrorism or countering proliferation financing purposes. It provides that a legal person who fails to comply is liable to a penalty not exceeding Ksh5 million. You will realise that in this area, it is a legal person who will be a major player. Again, to seal every loophole, the penalty is a fine not exceeding Ksh1 million if it is a natural person. There is an additional penalty not exceeding Ksh100,000 in each of the aforementioned cases for each day that non- compliance continues. Next is the SACCO Societies Act (Cap. 490B). The Bill provides for a new definition in proper alphabetical sequence, stating that the term \"terrorism financing\" has the meaning assigned under the Prevention of Terrorism Act. We are adding a new section on the definition of the term \"terrorism financing\" in areas where large money transactions are involved. The Bill seeks to introduce additional powers of the SACCO Societies Regulatory Authority to counter anti-money laundering and the financing of terrorism. The Authority will regulate, supervise and enforce compliance of anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes by all reporting institutions regulated and supervised by the Authority. That is very important for all SACCOs. Additionally, the Bill aims to strengthen the Authority by providing for vetting of proposed significant shareholders, proposed beneficial owners, directors and senior officers of a reporting institution, and helping the Authority achieve its mandate. The Bill seeks to amend the Act to introduce penalties for violations related to money laundering and terrorism financing. It also provides that a legal person who fails to comply is liable to a penalty not exceeding Ksh5 million. If it is a natural person, the penalty is a fine not exceeding Ksh1 million. There is an additional penalty not exceeding Ksh100,000 in each of the aforementioned cases for each day that non-compliance continues. I am left with about three Acts. In the Accountants Act, the Bill proposes changes to strengthen the role of the Institute of Certified Public Accountants of Kenya (ICPAK). I am interested to know why the Member for Molo stood up when I mentioned the word \"accountants\". I do not know whether he is the only accountant in the House. I have just mentioned accountants and terrorism. I do not know why he is moving around. I know he is not a terrorist, and he cannot finance terrorism, but I know he is an accountant. I do not know 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."
}