Nation Reporter
9 May 2008
Nairobi — Parliament concluded debating a Bill seeking to fight money laundering, even as some dismissed the proposed law as a document backed by foreign powers.
However, Finance minister Amos Kimunya allayed the fears, saying the Proceeds of Crime and Anti-Money Laundering Bill, 2008, reflected Kenya's will to join the rest of the world in checking the vice.
He said the Government was not under pressure from anywhere to fast-track the legislation, and invited members who have issues with the Bill to send their views to the two departmental committees to which it was referred.
The Bill will be scrutinised by the Finance committee and the Legal Affairs and Administration of Justice committee. The two teams will suggest amendments then table their reports in Parliament where those present will vote on the suggested changes before passing or rejecting the Bill.
While initiating debate, Mr Kimunya said money laundering was a complex crime practised through various means such as bribery, computer fraud schemes, or the so-called pyramid investments, many of which collapsed last year.
Investors lost billions through the pyramid schemes because the entities were not in the ambit of the Central Bank.
Mandera Central MP Abdikadir Mohamed (Safina) opposed the Bill, saying it was foreign in nature and form. He argued that if enacted it will make many Kenyans lose money simply because they are suspected of laundering.
"This is anti-Terrorism Bill reincarnate; it is a wolf in sheepskin," he said.
Nambale member Chris Okemo supported the Bill but questioned its origin, saying similar ones had in the past been pushed down the throats of Kenya by the World Bank and the International Monetary Fund as preconditions for funding.
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