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{
"id": 1554489,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554489/?format=api",
"text_counter": 343,
"type": "speech",
"speaker_name": "South Mugirango, UDA",
"speaker_title": "Hon. Silvanus Osoro",
"speaker": null,
"content": "what he is agitated about. He has just told me that he is excited about accounting. I am well guided. The Bill seeks to empower ICPAK to regulate, supervise and enforce compliance among the members for anti-money laundering, combating the financing of terrorism and countering proliferation financing purposes. To support that mandate, the Bill proposes granting ICPAK various supervisory and enforcement powers, including vetting members of reporting institutions, conducting off-site surveillance, undertaking consolidated supervision of a member of the Institute, and imposing monetary, civil, or administrative sanctions for violations related to anti-money laundering, combating the financing of terrorism or countering proliferation financing purposes. In addition, the Bill introduces penalties for non-compliance with all these regulations. If enacted, a legal entity could face a fine of up to Ksh5,000,000, while a natural person could be fined up to Ksh1,000,000. Further, continued violation may attract additional penalties of Ksh100,000 per day until compliance is achieved. This is as far as the accountant is concerned. In the second last one, the Bill with respect to the Estate Agents Registration Act, Cap 533, proposes to strengthen the regulatory law of the Estate Agents Registration Board in anti- money laundering, counter-financing of terrorism, and all those facts. It also seeks to grant the Board the authority to regulate and supervise entities within its jurisdiction to ensure compliance with these measures. To support this mandate, the Bill proposes to grant the Board various supervisory and enforcement powers, including vetting members for reporting institutions, conducting off-site surveillance, undertaking consolidated supervision, and imposing monetary, civil, and administrative sanctions for violations related to Money Laundering (MML), Combating the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF). The Bill proposes to strengthen the Institute of Certified Public Accountants of Kenya (ICPAK) by enhancing its role in anti-money laundering, counterfeiting terrorism, and all those other matters. It seeks to empower the Institution to regulate and supervise compliance with the measures among its members. To support this mandate, the Bill proposes to grant the Institute supervisory and enforcement powers, including vetting members of reporting institutions, conducting off-site surveillance, undertaking consolidated supervision, and imposing monetary civil, and administrative sanctions for violations relating to MML, CFT, and CPF. Additionally, this particular Bill introduces penalties for non-compliance, which Ksh5,000,000 and Ksh1,000,000 for a natural person could be fined up to Ksh1,000,000 and a further Ksh100,000 per day for continued violation and non-compliance. Finally, we look at the Public Benefits Act of 2013, No.8. The Bill proposes to empower the Public Benefits Organisation Regulatory Authority with enhanced oversight and monitoring responsibility of public benefit organisations at risk of terrorism financing. It grants the Authority the mandate to supervise, monitor, and regulate public benefit organisations (PBOs) identified as vulnerable to terrorism financing. It also enables the Authority to collaborate and share information with the Financial Reporting Centre (FRC) and other relevant law enforcement agencies to strengthen enforcement measures. Furthermore, the proposed amendment provides the Authority powers to issue regulations, guidelines, directives, and institutions to mitigate risks associated with terrorism financing. These provisions aim to enhance regulatory scrutiny, promote compliance, and safeguard the interest of PBOs operating in the country. Hon. Temporary Speaker, you will agree that the world is evolving fast. Nowadays, we have another challenge related to terrorism, which is cybercrime. The people engaging in terrorism financing only need a computer, be techno-savvy, have good internet, and they can hack accounts and do everything. This Bill ensures that we cover every loophole that could be 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."
}