MPs pass Bill to tighten grip on money laundering

Parliament Session after the long recess . February 11th,2025 (Elvis Ogina, Standard The National Assembly on Wednesday, April 16, passed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025. The Bill, which introduces amendments to 10 Acts of Parliament, aims to combat money laundering, terrorism financing, the illegal proliferation of funds, and strengthen oversight of civil society funding, betting firms, and other sectors. The Anti-Money Laundering (Amendment) Bill seeks to align Kenya's regulatory framework with international standards after Kenya was grey-listed by the Financial Action Task Force (FATF) in 2023 for failing to meet global compliance requirements. The bill was sponsored by National Assembly Majority Leader Kimani Ichung'wah. "The bill seeks to address the technical compliance deficiencies identified arising from the Eastern and Southern Africa Anti-Money Laundering Group re-rating and review by FATF," said Ichung'wah. Under the proposed amendments to the Proceeds of Crime and Anti-Money Laundering Act, the title 'Director General' will be formally adopted to represent the Asset Recovery Agency to align with other investigative bodies. The Prevention of Terrorism Act, on the other hand, proposes to amend terrorism by expanding the definition of terrorism financing and grants the Public Benefits Regulatory Authority powers to monitor and report the Non-Governmental Organisations' finances to the government. The Betting Control and Licensing Board will also gain expanded authority to regulate and supervise entities within its jurisdiction, mostly with regard to anti-money laundering, counter-terrorism financing, and counter-proliferation financing. Betting firms will be subject to thorough vetting of shareholders, directors, and senior employees. Other amendments target the Retirement Benefits Act, tasking regulators to enforce compliance with anti-money laundering and counter-terrorism financing rules among entities under their oversight

MPs pass Bill to tighten grip on money laundering

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MPs pass Bill to tighten grip on money laundering

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