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Kenya: AG Publishes Anti-Money Laundering Laws
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The East African Standard (Nairobi)
25 April 2008
Posted to the web 24 April 2008
David Ohito
Nairobi
Money launderers have been put on notice through a proposed law to fight the offence.
Attorney General, Mr Amos Wako, has published a Bill that will provide for the offence of money laundering.
"The proposed laws will provide for the identification, tracing, freezing, seizure and confiscation of the proceeds of the crime," Wako said.
Published on April 11, Wako said the Bill will be introduced in Parliament for endorsement by the MPs.
In the proposed law, a Financial Reporting Centre will be established with powers and functions of disseminating information and ensuring international standards in anti-money laundering measures are adhered to.
The centre will help in the identification of proceeds of crime and fighting money laundering. It will also receive and analyse reports on unusual or suspicious transactions.
"The centre shall make information collected by it available to investigating authorities and other law enforcement agencies," Wako said yesterday.
The proposed Bill is called the Proceeds of Crime and Anti-Money Laundering Act, 2008.
It will have an Anti-Money Laundering Advisory Committee chaired by the Permanent Secretary in the Ministry of Finance.
Members of the Committee will include PSs in the ministries of Justice and Constitutional Affairs, National Cohesion and Foreign Affairs.
Others will be the AG, Commissioner of Police, the Governor of Central Bank, the Commissioner General of Kenya Revenue Authority, and the Director General of National Security Intelligence Service.
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The Bill also seeks to establish a Criminal Assets Recovery Fund that shall consist of all monies derived from confiscation and forfeiture.
The proposed law also seeks to offer international assistance in investigations.
"Where a country requests assistance from Kenya in obtaining evidence for the purpose of an investigation or a proceeding in relation to any offence under corresponding law of that country, the AG would nominate a court to receive such evidence," Wako said.
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