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{
    "id": 681744,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/681744/?format=api",
    "text_counter": 518,
    "type": "speech",
    "speaker_name": "Hon. Nyenze",
    "speaker_title": "",
    "speaker": {
        "id": 1987,
        "legal_name": "Francis Mwanzia Nyenze (Deceased)",
        "slug": "francis-mwanzia-nyenze"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker, for giving me a chance to support this very important Bill, which is very timely. Put simply, money laundering is converting criminal income into assets that cannot be traced. Money laundering is divided into three stages. The first stage is placement. Money that is laundered is placed in a country. The second stage is layering that income by trying to cover it up. The final stage is integration into the national economy. Money laundering and crimes such as terrorism are interconnected. You cannot separate the two because they go hand in hand. Money laundering exists and it has brought many countries to their knees. This Bill will help us to combat tax evasion by companies. As Hon. Wanyonyi has said, you do not expect someone to send so much money to another person in a country without work done or some goods exchanged. Money cannot just come like that. I support this Bill because it will control those excesses. Money laundering cripples economies of countries. It also creates artificial demand for housing and excesses. Most of the laundered money gets into real estate as people buy houses. That is the easiest way to convert money and I am not in it. They distort prices. Instead of people paying the real prices, rents are hiked. In other cases, artificial shortage is created. It distorts everything in the real estate sector. 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."
}