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{
    "id": 723016,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/723016/?format=api",
    "text_counter": 118,
    "type": "speech",
    "speaker_name": "Hon. A.B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "I agree with you, Hon. Speaker. When the Governor was being interviewed by the Departmental Committee on Finance, Planning and Trade – and the Chair is here and he can attest to that fact as it is on HANSARD – he said that he did not have a savings or current bank account. When Kenyans seeking appointment to hold public offices are subjected to vetting by this House, we should avoid the culture of Members saying that so and so is from my constituency, community or religion because that is not the way this House should be run. If each one of us here speaks for his or her person, we will not be building one Kenya. The issue of saying that the Governor of CBK qualifies because he comes from a certain constituency should not arise. He is Kenyan. Him being my friend should not arise. It is immaterial that he comes from Kandara or Garissa constituencies. This Bill seeks to align the SACCOs in terms of the financial transactions that they do with other financial institutions. The Micro-Finance Act 2008, the Insurance Act and the Banking Act subject the respective financial institutions under them to a financial reporting centre on a daily basis, which shows the volumes of the monies that go through them. We are saying this because this House enacted the Proceeds of Crime and Anti-Money Laundering Bill, which was assented to by His Excellency the President. We have enacted laws on anti-terrorism financing and anti-bribery, which have since been assented to by the President. This House also dealt with the proceeds of drugs and how they can be detected in the financial sector in terms of circulation. This Bill is trying to align the SACCOs financial obligations in terms of sharing credit information with other financial institutions. Fourthly, there is the issue of expanding scope of the credit information that ought to be shared to include both the positives and the negatives through the Credit Reference Bureaus (CRBs). The shared information will also help the Kenya Revenue Authority to make judgement on the taxation levels to apply. This will help other security related institutions to follow whether due process within the financial sector is being followed. The shared information will also help the CRBs to give an early warning on the goings-on in individual SACCOs. |It will give an indication as to whether a SACCO is in a healthy or unhealthy position financially. Therefore, we must allow for information of financial transactions of SACCOs to be shared with other financial service providers. Hon. Speaker, I have no apologies to make on what I have said about the Governor of CBK. I am entitled, as the Member for Garissa Township. We are here to represent and defend our constituencies. Nobody should try to intimidate, blackmail or threaten Hon. Duale. I beg to second. 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."
}