Anti-money laundering bill signed into law

By Peter Ochieng

President William Ruto on Friday signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023 into law.

The new law is penciled on addressing deficiencies limiting the fight against money laundering, and terrorism in the country.

Additionally, it allows for the surrendering of a fugitive criminal who consents to be extradited to a requesting State.

Similarly, the law grants the Financial Reporting Centre (FRC) operational independence by excluding it from the definition of State Corporation.

According to a statement from State House, the new law empowers Capital Markets Authority (CMA) to enforce the compliance of its licensees with the laws on anti-money laundering, and combating terrorism financing and proliferation financing.

“Under the new development, the Insurance Regulatory Authority (IRA) now has the power to enforce the compliance of its licensees with the laws on anti-money laundering and combating terrorism financing and proliferation financing.”

President also assented to the Climate Change (Amendment) Bill (National Assembly Bill No. 42 of 2023), which was published in July, 2023.

The Bill amended the Climate Change Act, 2016, providing for the regulation of the carbon markets besides enhancing response to climate change.

It provides transactions in carbon trading as carried out under the Act to reduce greenhouse gas emissions.

Meanwhile, President Ruto says Kenya is keen on nurturing mutually beneficial ties with countries across the world.

“The good relations Kenya has built with countries over the years will be strengthened to benefit citizens through increased trade, business opportunities and diplomatic engagement,” he added.

He made the remarks on Friday at State House, Nairobi when he received the credentials from newly-appointed Ambassadors to Kenya. They are High Commissioners Neil Wigan (United Kingdom), Martin Ngoga (Rwanda), Ambassadors Nicol Adamcová (Czech Republic), Stephen Schönemann (Denmark), Salim Ibrahim Al Naqbi (United Arab Emirates), Pedro Leon Cortes Ruiz (Colombia) and Caitríona Ingoldsby (Ireland) among others.