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{
    "id": 681719,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/681719/?format=api",
    "text_counter": 493,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker. I start by thanking my good friend, the Leader of the Majority Party, for giving me the opportunity to second the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill 2015. This is an important Bill. Hon. Temporary Deputy Speaker, I sit with you in the PAC. You are aware that later this month and the first few days of September, our country will be privileged to host the first annual conference and Annual General Meeting of the African Organisation of Public Accounts Committee. This is an important conference which will bring together all the public accounts committees in the continent and all the sub-regional bodies; the East Africa Association of Public Accounts, the West Africa Association of Public Accounts and the Southern Africa Development Community Association of Public Accounts. The theme of this conference will be on how to curb illicit financial flaws. Why is it very important for us, as a country, a region and as a continent to curb illicit financial flaws? It is important because estimates that are available both at the World Bank and at the International Financial Reporting Centre show that up to 50 billion dollars are lost in Africa annually through illicit financial flaws and money laundering is a major source of illicit financial flaws. The main aim of this amendment is to give the Financial Reporting Centre operational independence. Why is this important? As it stands now, the Centre is no more than an appendage of the Central Bank of Kenya (CBK). That in itself is a weakness in dealing with money laundering. Why do I say so? If you look at the original Proceeds of Crime and Anti-Money Laundering Act, the so called “POCAMLA law”, you will find that the CBK, in the definitions The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}