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{
    "id": 723002,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723002/?format=api",
    "text_counter": 104,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Hon. Speaker, the Bill further expands the current credit information sharing mechanism to include SACCO societies with other licensed financial institutions. What again are we doing in this Bill? There are a lot of resources and money flowing within the SACCO industry. Billions of shillings are transacted within co-operatives and SACCOS. Because we have a new law that deals with this, we also want to bring on board and expand the current credit information sharing between all the commercial and financial institutions. We want to know the money that goes through co-operatives. We have the Anti- Money Laundering and Proceeds of Crime law; we have the Financial Reporting Centre and we have the Central Bank Act and its regulations. So, all the millions going through them--- We will find out the volume that goes through the SACCOs and co-operatives. The proceeds of those financial resources can be traced so that we do not allow drug dealers, money launderers and terrorism-financing to infiltrate the SACCO industry. This is intended within the Banking Act. The Micro-Finance Act of 2008 brings all credit information sharing under one regulatory regime. Once we amend the SACCO Societies Act, it will be in line with the Banking Act, the Micro-Finance Act and the Financial Reporting Centre. All of those put together will be one regime: credit information sharing and regulatory. That is the object and the principle of the Bill. 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."
}