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{
    "id": 679957,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/679957/?format=api",
    "text_counter": 614,
    "type": "speech",
    "speaker_name": "Hon. A. B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "crime can be traced, frozen, seized, and recovered. So, that was a very ambitious task. These laws were passed in the last Parliament. It was achieved through the grant of confiscation and restraint orders which were sought from the Judiciary. Ultimately, the realisation, recovery and the preservation of such property was provided in the parent Act. The Act further established institutional mechanisms like the Financial Reporting Centre (FRC). So, that Act of 2009 created specific institutions which were tasked with how to deal with proceeds of crime. One of them was the now vibrant institution called the FRC, the Anti-Money Laundering Advisory Board (AMLAB) and the Asset Recovery Agency (ARA) that are found at the State Law Office (SLO). What do these three key institutions do? These are important institutions that are born out of the principal Act. Hon. Temporary Deputy Speaker, these agencies or institutions facilitate the compliance of this Act through collection of data. They collect data on a daily basis, 24 hours. They look at what is going on in the financial sector; deposits and savings, withdrawal and movements of huge cash within the sector. They collect data, analyse the data and advise on the best practices and activities that can identify the proceeds of unlawful activities and implement measures provided for in the Act. So, they not only deal with drugs and terrorism, they also address matters of corruption. That is why you see in the National Youth Service (NYS), scandal the Asset Recovery Agency and the Financial Reporting Centre were very important institutions. Within a short period they traced, seized and recovered assets which were bought with proceeds from the corruption that took place at the NYS. They will identify unlawful activities and implement measures provided for combating the offences which are committed under money laundering."
}