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{
    "id": 681747,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/681747/?format=api",
    "text_counter": 521,
    "type": "speech",
    "speaker_name": "Hon. Abdinoor",
    "speaker_title": "",
    "speaker": {
        "id": 13135,
        "legal_name": "Abdi Noor Mohammed Ali",
        "slug": "abdi-noor-mohammed-ali"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker. I want to support this Bill. It is the only Bill that will deal with cartels and corruption in this country. The main objectives of the Bill seek to enhance the powers of the FRC. It also seeks the independence of the institutions by removing recruitment of staff from the State Corporations Act. The FRC will now recruit its staff directly. The Bill will have serious implications on financial and non-financial institutions such as casinos, real estate agencies, dealers of precious stones and metals, Non-Governmental Organisations (NGOs), accountants and lawyers. The Bill seeks to deal with unusual and suspicious transactions within our financial institutions. It imposes a fine of Kshs25 million for institutions and revocation of licences. It also gives powers to the FRC. However, I am worried because this Bill does not provide any hearing within the reporting institutions before it imposes revocation of licences and sanctions. The Bill tends to weaken the autonomy of the FRC because it was initially independent of the Cabinet Secretary, but now we seek to give more powers to the CS. This will weaken the autonomy and professionalism of the FRC. We need to take care of those two issues. I also wanted to raise the issue of the recruitment of the Director-General (DG) and the Deputy DG. I totally agree with the proposal that their appointments be done by the advisory board in consultation with the CS. I support."
}