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{
    "id": 321551,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/321551/?format=api",
    "text_counter": 521,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": " Mr. Deputy Speaker, Sir, I beg to move that The Proceeds of Crime and Anti-Money Laundering (Amendment) Bill, Bill No.25 of 2012, be now read a Second Time. Mr. Deputy Speaker, Sir, I will be very quick, because I want us to finish with this Bill and proceed to the next one. Hon. Members are aware that this august House passed the Proceeds of Crime and Anti-Money Laundering Bill on 10th December, 2009. The Act seeks to achieve the following:- (i) criminalise money laundering and provide for criminal and civil restraint, seizure and forfeiture; (ii) establish the Anti-Money Laundering Advisory Board (AMLAB), the Financial Reporting Centre (FRC), which is the equivalent of the Kenya Financial Intelligence Unit (KFIU); the Assets Recovery Agency (ARA) and the Assets Recovery Fund (ARF); (iii) place an obligation on reporting institutions to file suspicious transactions reports and cast transactions reports to the FRC; and, (iv) provide for international co-operation on matters relating to the investigation and prosecution of money laundering cases. Mr. Deputy Speaker, Sir, whereas the implementation of the Act is in progress, a number of deficiencies have been identified and, therefore, need to be addressed as a matter of urgency, so as to facilitate a smooth implementation of the Act and as part of the wider financial sector reforms, to which I alluded in my Budget Statement for the current financial year. The measures proposed in the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill, 2012 are, therefore, aimed at ceiling some of the loopholes that have"
}