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{
    "id": 632389,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/632389/?format=api",
    "text_counter": 96,
    "type": "speech",
    "speaker_name": "Hon. A. B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Assets Recovery Bill. We have a Governor of CBK who wakes up one morning and sends a memo to all the banks which says:- “Any Kenyan who wants to deposit Kshs500,000 must fill a form.” It is as if he is appearing before the Director of Public Prosecutions (DPP) or the Director of Criminal Investigation Department (CID). Any Kenyan who wants to withdraw Kshs1million must also fill another form as if he wants to get a certificate of good conduct. All those ladies who are doing small businesses in Gikomba Market are no longer banking their money. It is being kept at home because they want to use the same money to buy products the following day. The law is very clear. If you suspect any individual or any business entity is involved in money laundering, terrorism financing, getting proceeds in crime money, or tax evasion, the law is clear. However, telling a mama mboga who is involved in business daily and wants to keep her money with the Kenya Women Finance Trust (KWFT), “Before you deposit or withdraw Kshs500,000, go and sit somewhere - as if you are in the District Criminal Investigation Officer’s headquarters or the DPP’s Office - and fill a form before transacting,” is wrong! That is ridiculous! Parliament must rise to the occasion. If it is regulations, the CBK can send regulations. The Act says it is the CS for Finance and National Treasury to provide regulations to this House. Once I table those regulations, they are sent to the Committee on Delegated Legislation. You cannot wake up one morning and be told, for example, that if I am going to do a fundraising in Hon. Chris Wamalwa’s constituency and I am withdrawing Kshs500,000, I have to explain the details of where the Harambee is and answer questions such as: Who is Chris Wamalwa? What are the names of the project and church holding the fundraising? That is not even possible in North Korea, China or the old communist countries. We are telling our brother that he is a very good Catholic. We respect him for his professionalism, but he will run the CBK the way the law says. Finally, I know that banks will come and talk to you Members. This is not a small matter. Let us stand together and ensure that the interest rates are reduced. We are not interfering with the framework of a liberalised economy by curbing interest rates. We are not affecting the fiscal framework of a liberalised economy like Kenya. We are only saying the principal sum you borrow and the interest rates you are charged must be proportionate and must be known. There is no way the principal sum that you borrow is lower 10 times the interest rates. Many Kenyans die because of interest rates. Their properties are auctioned. That is why people who are doing very well in this country are lawyers and auctioneers. In fact, if you are a lawyer for one of the biggest banks in this country, you do not need clients because your work is to chase the people who have not paid their interest rates. We must make sure that what the former Member of Parliament, Joe Donde, did in 2000 in this august House is implemented to save the people we represent. Thank you, Hon. Temporary Deputy Speaker. I beg to support."
}