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{
    "id": 736794,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/736794/?format=api",
    "text_counter": 129,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) F.I. Ali",
    "speaker_title": "",
    "speaker": {
        "id": 13152,
        "legal_name": "Fatuma Ibrahim Ali",
        "slug": "fatuma-ibrahim-ali"
    },
    "content": "Kenya is seen as a serious competitor and a development hub for the devolved world, particularly the United States of America (USA), the United Kingdom (UK), Europe and Asia. Kenya is one of the biggest economies in Africa, and it is growing. When Vision 2030 was being developed, Kenya was aimed at becoming a middle level income country. Kenya has many opportunities in terms of developing new infrastructure such as railways and transnational highways that connect Kenya with other countries in the region. Kenya is also a connectivity hub in Africa, both by air and road. One of the missing links could be lack of an international financial centre that coordinates and regulates the financial sector. This Bill is trying to establish an institution with high calibre member personnel to regulate the International Financial Centre so that it can provide strategic direction and information on matters of law and regulations that are acceptable to most of financial institutions at the global level so that Kenya can compete internationally. Kenya is endowed with the power to develop such international financial services centre so that it can be regarded as one of the best competitors in terms of providing financial services to countries that lack basic financial centres. This is a timely Bill which provides for the establishment of a reliable financial services centre to counter tax evasion and money laundering. Global movements sometimes facilitate for money to be easily wired or transferred in a coordinated manner, which undermines the growth of the financial sector in the country. If this Bill is passed, it will be a very useful law. Some of the controls might undermine effective growth of open market financial services that would otherwise attract some small growing economies that would be boosted with a wider reach. I hope the Nairobi International Financial Services law will cushion some of the growing intermediary financial services firms so that they can grow to the required standards, achieve efficient and effective financial service delivery to consumers and clients that are not likely to grow to the international or the regional level. With those remarks, I beg to support."
}