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{
    "id": 683546,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/683546/?format=api",
    "text_counter": 246,
    "type": "speech",
    "speaker_name": "Hon. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "There is need to amend Sections 23, 24 and 44 of the Proceeds of Crime and Anti-Money Laundering Act of 2009 to give the Financial Reporting Centre (FRC) more powers to act on serious fraud related bank transactions. This institution just receives information. It just acts as a conveyor belt to other Government agencies. They should be allowed to act timelessly on any suspicious transactions and this is the only way to prevent fraudulent transactions. The CS, Ministry of Public Service, Youth and Gender Affairs should expedite the appointment of a substantive CEO of the YEDF. I am told it still has an acting CEO. This should not continue. There is need to amend Sections 23 and the 24 of the Proceeds of Crime and Anti-Money Laundering Act of 2009 to enable those who are in charge of tracking proceeds of crime especially in real estates to do so. After Mr. Mukuria got this free money, he immediately bought a luxurious apartment in Lavington. This organisation must be allowed to seize the properties. The Auditor-General should undertake a forensic audit of all the transactions of this Fund from inception so that the taxpayers can be guaranteed value for their money. The Committee also recommends that the FRC and Assets Recovery Agency (ARA), the two key institutions established under the Proceeds of Crime and Anti-Money Laundering Act of 2005, should deal with matters of financial mismanagement timely and appropriately so that taxpayers get value for their money. It was just two days after our recommendation that Chase Bank was placed under receivership. The Committee recommends that the Central Bank of Kenya (CBK) investigates Chase Bank for possible violation of the Banking Act Cap. 488, and ensure that it reports back to the National Assembly within two months on the adoption of this Report. The Committee also recommends that the National Treasury enhances budgetary allocation to the Inspectorate of State Corporations. That institution is supposed to oversee all parastatals and other quasi-Government agencies, but it is not funded. It has been reduced to a toothless bulldog in discharging its functions because it does not have funds. The Budget of 363 quasi-Government agencies is almost twice the entire Budget of the Republic of Kenya. Without proper oversight, we are afraid to say that the taxpayers might be losing billions through these State-owned enterprises simply because they are not supervised. The National Treasury should allocate enough funds to support the Inspectorate of State Corporations. The Chief of Staff and Head of Public Service should, as a matter of priority, ensure that the recommendation of the Presidential Taskforce on Parastatal Reforms on the merger of YEDF, Women Fund, Uwezo Fund, Micro and Small Enterprises Authority and the Kenya Industrial Estates (KIE) to create Biashara Kenya is implemented. This was a noble recommendation, but to date, it remains in the shelves. However relevant these institutions are to our economic well-being, they are being mismanaged by those who are in charge and currently, we have serious financial mismanagement, misappropriation of funds and lack of prudency in their day to day activities. The Committee also recommends that there should be a minimum qualification for chairpersons and members appointed to serve in any board of any State enterprise. Mr. Bruce Odhiambo had no qualification whatsoever to be the chair of this critical organisation. This led to confusion because he did not have the educational or professional qualifications and what it takes to lead a critical youth oriented enterprise. By virtue of being appointed and being a close friend"
}