Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 681745,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/681745/?format=api",
    "text_counter": 519,
    "type": "speech",
    "speaker_name": "Hon. Nyenze",
    "speaker_title": "",
    "speaker": {
        "id": 1987,
        "legal_name": "Francis Mwanzia Nyenze (Deceased)",
        "slug": "francis-mwanzia-nyenze"
    },
    "content": "The tiger economies in the Far East whose economies grow very fast have dealt with money laundering. As has been said by my colleagues, the penalty is death sentence because they know what effect it can have on the GDP. It reduces the workforce to nothing. Instead of people having gainful employment, money laundering distorts the picture. If a country wants to access more money, the International Monetary Fund (IMF) and the World Bank are willing to fund the countries that have put in place laws that govern and control money laundering because this is a worldwide threat. Money laundering promotes corruption at all levels. I want to compare money laundering with betting and gambling. Money laundering, betting and gambling will bring this country down. I opposed the Motion on betting and gambling because of the composition of the Select Committee. I, however, supported it because it was seeking to do the right thing. I only opposed the composition of the Committee because it comprised of the “big boys” in the House and I smelt a rat. Once it is reconstituted, we will work within the framework of the existing law and once we enrich the structures that we have in Parliament, we will cover everything that we wanted to do. Penalties on gambling and money laundering, especially in South East Asia tigers or the economies that are fast growing, are stiff because it stifles economic growth. If we address it, we can have a growth rate of up to 12 per cent. Money laundering creates inequalities in income. You have few people who are very rich and a majority who are poor because it distorts people’s income. This Bill is timely. It will address problems that we are facing. The FRC should be diligent to prevent all forms of money laundering. I support the Bill because the Committee has been very careful in addressing all issues concerning money laundering."
}