Ruto assents to Anti-Money Laundering Bill

Ruto assents to the Anti-money laundering Bill. [PCS] President William Ruto has today assented to two Bills at State House, Nairobi. The two, Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill 2025 and Insurance Professionals Bill (National Assembly Bills No 13 of 2024), seek to seal gaps that facilitate illicit financial flows and boost the standards of service and professionalism in the industry, respectively. The Anti-Money Laundering Bill, passed by MPs on April 16, introduces amendments to 10 Acts of Parliament. It seeks to combat money laundering, terrorism financing, the illegal proliferation of funds, and strengthen oversight of civil society funding, betting firms, and other sectors. Now signed into law, the Act seeks to align Kenya's regulatory framework with international standards after the country 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," noted Ichung'wah. President Ruto assents to the anti-money laundering Bill of 2025 at State House, Nairobi. pic.twitter.com/4ofnoUE99a - The Standard Digital (@StandardKenya) June 17, 2025 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 Non-Governmental Organisations' finances to the government. The Betting Control and Licensing Board (BCLB) will also gain expanded authority to regulate and supervise entities within its jurisdiction, mostly concerning 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. Insurance Professionals BillThe Insurance Professionals Bill, on the other hand, sponsored by Molo MP Kimani Kuria, aims to streamline the industry by introducing strict standards for insurance professionals, to ensure they meet set qualifications and pay for licenses to continue with their operations. According to President Ruto, while assenting, "Kenya is keen on pursuing reforms that cement our position in the region as a leader in financial integrity and regulatory reform." The Bill, now law, also seeks to legally establish the Insurance Institute of Kenya (IIK) as the main regulatory body responsible for setting professional standards and promoting ethical conduct. Currently, IIK operates as a membership-based organisation providing professional certification and training, but does not have full regulatory powers. The Bill also seeks to create the Insurance Professionals Examinations Board, which will administer tests for individuals seeking to be recognised as insurance professionals. This means that before anyone can sell insurance policies, they must undergo formal training, pass exams, and obtain certification. It further proposed the formation of a registration committee, which will oversee the licensing process and maintain a register of all qualified insurance professionals. Those who fail to meet the set requirements or engage in misconduct risk having their licenses revoked. National Assembly Speaker Moses Wetang'ula, Majority Leader Kimani Ichung'wah, Solicitor-General Shadrack Mose, and Finance and National Planning Committee Chairperson Kuria Kimani were among leaders present at State House on Tuesday, during the signing.

Ruto assents to Anti-Money Laundering Bill

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Ruto assents to Anti-Money Laundering Bill

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