Aden Bare Duale

All parliamentary appearances

Entries 9631 to 9640 of 17810.

• 9 Aug 2016 in National Assembly: Thank you, Hon. Temporary Deputy Speaker. I started debate on the Proceeds of Crime and Anti-Money Laundering (Amendment) Bill (National Assembly Bill No.64 of 2015) last week. The Government continues to enhance measures to curb and combat money laundering. In that case, it is on December, 2009 when the Proceeds of Crime and Anti-Money Laundering Act was enacted. It came into effect in 28th June, 2010. This Act is the country’s sole primary legal regime for combating money laundering and proceeds of crime. So, this Act provides a comprehensive legal framework for dealing with the vice. It concerns how to ... view
• 9 Aug 2016 in National Assembly: That is why I am happy with the Kenya Revenue Authority (KRA) which is seeking to have a role in the management of the Integrated Financial Management Information System (IFMIS). I read this morning that they must be allowed to use IFMIS so that they can track the movement of money within the IFMIS of Government. This law which was passed in 2009 created two key institutions. One of them is the Financial Reporting Centre and the other one is the Anti-Money Laundering Advisory Board (AMLAB). The amendments contained in this Bill are basically giving more powers to these institutions ... view
• 9 Aug 2016 in National Assembly: The primary objective of the Financial Reporting Centre which had been created by this law in 2009 is to assist in the identification of the proceeds of crime, combat money laundering and the financing of terrorism. So, the Centre is supposed to monitor and do surveillance, on a 24-hour basis, on the movement of resources and money in all the financial institutions. This is from banks to FOREX bureaus, to Small and Medium-Sized Enterprises (SMEs) and in the stock exchange. That is a key function of the Financial Reporting Centre. On the other hand, what is the role of the ... view
• 9 Aug 2016 in National Assembly: Hon. Temporary Deputy Speaker, since this Act was operationalised in 2012, the Financial Reporting Centre is on a daily basis trying to put in place the required legal, regulatory and institutional framework to strengthen this law and make sure that they curb money laundering and financing of terrorism and drug-related financial aspects. view
• 9 Aug 2016 in National Assembly: As the Government continues to enhance measures to curb and combat money laundering, there is a corresponding need and urge to strengthen the institutions that are mandated to tackle this vice. Since 2009, the Financial Reporting Centre and the Anti-Money Laundering Advisory Board have realised that the law, institutional framework and the regulatory framework are deficient. They are not adequate. The Government thought that if we do the necessary amendments, we will make sure that those gaps and deficiencies are addressed. view
• 9 Aug 2016 in National Assembly: The Financial Action Task Force was created. It is universally recognised as an international standard institution to look at financial reporting centres globally. What is the role of the Financial Reporting Centre? It is charged with the responsibility of regulating and supervising all reporting institutions regarding the application of the law as was passed by Parliament. view
• 9 Aug 2016 in National Assembly: Hon. Temporary Deputy Speaker, let me now go to the in depth of the clauses for Members to follow. The amendment contained under Clause 2 of this Bill seeks to enhance the powers of the Office of the Director of the Financial Reporting Centre. It does this by renaming it; giving it a new title of “Director-General”. The effect of this is to distinguish between the offices of the various directors within the Financial Reporting Centre and their boss. All of them are called “directors”. The Bill says that the person in charge or the CEO of the Financial Reporting ... view
• 9 Aug 2016 in National Assembly: If you look at the amendment contained under Clause 4 of the Bill, fundamentally, it proposes to enhance the Financial Reporting Centre’s power to impose civil monetary penalties or fines to natural persons in the case of a CEO of a bank or in the case of a corporate body that breaches or fails to comply with any instruction, direction or rules issued. The Financial Reporting Centre can detect movement of money in one bank all the way to the Central Bank of Kenya (CBK). If they give instructions, directions or a certain rule and the bank, as a corporate ... view
• 9 Aug 2016 in National Assembly: entity, does not comply with or the CEO of that bank does not comply, then Clause 4 proposes certain penalties and fines to be imposed. view
• 9 Aug 2016 in National Assembly: This amendment further proposes to take stern administrative action including issuing of warnings to persons. They can issue a warning to a person or institution requiring the person or the institution to comply with a specific direction given by the Director-General. That is found under Clause 4 of the Bill. view