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{
    "id": 881241,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/881241/?format=api",
    "text_counter": 117,
    "type": "speech",
    "speaker_name": "Kipkelion East, JP",
    "speaker_title": "Hon. Joseph Limo",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "Hon. Speaker, an amendment was made to Section 33(c) of the Banking Act requiring the Central Bank of Kenya to prescribe regulations, conditions on deposits or withdrawal by customers in banks and other financial institutions. This amendment was made because the current guidelines have no legal basis. The intention was to give the guidelines the full force of the law in accordance with the Statutory Instruments Act and Article 94 of the Constitution, which states that this is the only House which makes laws including regulations. On 24th October 2018, Hon. Junet Mohammed requested for a Statement from the Departmental Committee on Finance and National Planning on when the regulations under the Banking Act would be submitted to the National Assembly for scrutiny in accordance with the Statutory Instruments Act. Subsequently, the Committee invited the Governor of the CBK for a meeting on 26th February 2019, and the Governor stated as follows: That, a petition had been filed in court challenging the implementation of Section 33(c) of the Banking Act. 1. The CBK had sought Attorney-General’s opinion on the implementation of Section 33(c) of the Banking Act, but before they could get his response, a civil rights group herein referred to as Ajibika Society, filed a petition in court to which the Attorney-General and the National Assembly were sued as the first and second respondents respectively. 2. The provisions of Section 33(c) are not implementable because there are variety of requirements in the Banking Act and other laws on deposits and withdrawals, which needed to be wrapped up into proposed regulation. Hon. Speaker, at some point, we had a lot of trouble on the ones that I am going to read. We could not allow him to read these ones because they are misleading, but I have to read anyway. 3. That if Section 33(c) is implemented, it will be in conflict with the United Nations Security Council resolutions that relate to anti-money laundering and counter-financing of terrorism."
}