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{
    "id": 1554863,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1554863/?format=api",
    "text_counter": 327,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Thank you, Hon. Speaker. I take this opportunity to, first, thank all Members who have contributed to this Bill. The Whip of the Majority Party moved it on my behalf. It seeks to create equity and fairness in the banking and insurance sector and all other financial service sectors. The same should apply to Sacco societies and other money-handling agencies in the country. I, keenly, listened to a number of contributions, including the one by the Member for Homa Bay Town, who is a very ardent debater in this House. Many of the concerns raised, including regulations that will come before this House, are issues that can be looked at. We have agreed with the Chair of the Departmental Committee on Finance and National Planning. In any case, no regulations will ever take effect in law without being approved by this House. I want to convince Members of this House and Kenyans at large, that there is nothing much to worry about. When we first passed the Anti-Money Laundering Act about two or three years ago, the same fears were expressed in this House. In the last Parliament, similar fears were expressed around the legal profession. At that time, lawyers were up in arms against the law. But the law has helped the country in stemming the scourge of money laundering not just locally but within the region. It is sad that our country was grey-listed about two years ago. This Bill is part of the measures and changes that were agreed upon to be effected, to further strengthen the Act to help combat money laundering, financing of terrorism and narcotics business. We must be a nation at the forefront in combating money laundering, especially around terrorism financing, because of our proximity to countries with active terrorism cells. We are a country of interest to many people around the world. Therefore, it is important that we continue to strengthen the laws. Members have expressed fears around the Sacco Societies Regulatory Authority (SASRA) that regulates Saccos. I want to give you assurance. Just as it happened with lawyers, there is no time SASRA will come and superintend over your money. SASRA regulates Saccos such as Parliamentary Sacco and Bunge Sacco. SASRA does not regulate my money in either Sacco. Therefore, I emphasise that all regulations will come to this House for approval. These Regulations will serve to regulate the SACCOS and stem money laundering within the sector, which has also been identified as a major conduit for money laundering and terrorism financing. With those remarks, I beg to move and urge all of you to support. I beg to reply."
}