19 August 2011

Kenya: Unclaimed Assets Rising - Experts

With unclaimed financial assets currently estimated to be 10 billion shillings and rising, efforts are underway to collect views to be included in the Unclaimed Financial Assets Bill 2011, which went through second reading in parliament yesterday.

Legal Experts say although the Bill is good and is receiving goodwill, some of the suggestions they will be seeking include access to unclaimed assets data online. They also want transparency from the Unclaimed Assets Authority on how much assets are unclaimed and how the authority will use the assets. They will also be seeking to include proposals into other forms of holding assets like mobile banking and the property sector as the Bill currently provides for unclaimed financial assets.

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