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{
    "id": 748983,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/748983/?format=api",
    "text_counter": 127,
    "type": "speech",
    "speaker_name": "Hon. (Eng.) Gumbo",
    "speaker_title": "",
    "speaker": {
        "id": 24,
        "legal_name": "Nicholas Gumbo",
        "slug": "nicholas-gumbo"
    },
    "content": "i. Substantial increase in the maximum fine levied by the Central Bank of Kenya on non-compliant financial institutions. ii. Converting the Financial Reporting Centre into an autonomous body with operational independence from the Central Bank of Kenya. iii. Delegating the authority to order the preservation of suspected proceeds of crime to the Financial Reporting Centre, subject to judicial review. iv. Express recognition of the Central Bank of Kenya as one of the reporting institutions under POCAMLA. v. Reporting obligations, including guidelines of due diligence and Know-Your- Customer principles to include law firms, estate agents, registered car dealers and other professional firms/service providers dealing in both moveable and immoveable assets. (25) The National Treasury should develop regulations on a percentile cap on which financial year budgets of Ministries Departments and Agencies (MDAs) cannot be surpassed in succeeding years to guard against non-absorption and misuse of public funds. Within this framework, the National Treasury and the National Assembly are urged to thoroughly scrutinise previous financial year absorption rates and prevailing and future absorption capacity of MDAs, especially on substantial increases in budgetary allocations. Hon. Speaker, I want to emphasise on Recommendation No.25. The Committee felt that one of the reasons this scandal was so easy to commit and execute was because the NYS, through the Ministry of Planning and Devolution, was given a budgetary allocation. The increment in budgetary allocations was far in excess of its ability to absorb them. Therefore, we were of the opinion that, had more scrutiny been put into the budgetary increments, especially comparing the previous years’ budgetary allocations, then, perhaps, it would have been possible to give allocations that were in accordance with the capacity of the NYS in the Ministry of Devolution to absorb. The effect of that fraud at the Ministry could have been lessened; if not eliminated. (26) The National Treasury immediately revamps the internal audit functions in Ministries, Departments and Agencies (MDAs) to make them pro-active and effective, including staffing. (27) The Auditor-General immediately conducts a detailed forensic review of all payments paid to youth cohorts using mobile money transfer with a view to recommending prosecution of individuals found to have abused the cohort payment system for personal aggrandizement and gain. (28) The Accounting Officer at the Ministry of Devolution and Planning immediately recovers the full amount of Kshs360,315 paid to permanent staff at the NYS, alongside cohorts. (29) The State Department for Irrigation makes public a list and locations of all water pans and dams that have been constructed in the country under the NYS programme. 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."
}