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{
    "id": 321553,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/321553/?format=api",
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    "content": "been identified in the Crime of Proceeds and Anti-Money Laundering Act, 2009. These deficiencies form part of those which have been highlighted in the Mutual Evaluation Report on Kenya’s anti-money laundering and combating the financing of terrorism regimes. Mr. Deputy Speaker, Sir, the mutual evaluation was carried out by the Eastern and Southern Africa Anti-Money Laundering Group, and the Report was adopted by the Council of Ministers in September, 2011. As a country, we have committed ourselves to addressing the deficiencies identified in the Report. Kenya is one of the founding members of the institute, which was established in 1999, and which is committed to the full implementation of international standards on anti-money laundering and combating of financing of terrorism. The FRC was established in April, 2012 and is headed by an interim Director. It is now operational with seconded staff from both the Treasury and the Central Bank of Kenya (CBK). I am now glad to give information to the House that it has moved to its own premises. Strategic direction and guidance to the FRC is provided by the AMLAB. The board, which has been very active, is cognizant of the need to maintain the operational independence of the FRC, and will not interfere with its day-today operations. Mr. Deputy Speaker, Sir, the FRC has extensive functions and powers, including the following:- (i)receiving of reports of an issue or suspicious transactions and casting transaction reports made by reporting entities as well as casting declaration forms received from border points; (ii) analysing reports received under the Act and as applicable, disseminating financial intelligence information and reports to the applicable law enforcement authorities and other supervisory bodies for further handling; (iii) undertaking inspection and supervision of reporting institutions to ensure compliance with the anti-money laundering reporting obligations as prescribed in the Act; (iv) developing regulations to provide guidance to support implementation of the Act; (v) developing training programmes for reporting institutions; and, (vi) facilitating the exchange of information on money laundering activities with all financial intelligence units in other countries. Mr. Deputy Speaker, Sir, the FRC is rolling out regulations to, among other things, enable it to receive suspicious transaction reports from all reporting institutions. The regulations are undergoing a very crucial process and are envisaged to come into effect in October, 2012. The FRC is set to receive suspicious transaction reports and cast transaction reports from reporting institutions, which already have reporting arrangements with their respective supervisory authorities. Thereafter, the FRC will bring on board, other reporting institutions specified in the Act. Another key institution in the regime is already being set up under the Office of the Attorney-General. This is the Assets Recovery Agency. That agency will play an important role in identifying and recovering assets traced under the Act. Mr. Deputy Speaker, Sir, allow me to give highlights of the amendments which I am proposing. Clause 2 seeks to expand the definition of “monetary instruments” to include other forms of monetary instruments such as cheques and other negotiable"
}