Editor's Review

President Ruto has signed the Anti-Money Laundering and Climate Change amendment bills into law.

President William Ruto on Friday, September 1 signed the Anti-Money Laundering and Combatting of Terrorism Financing Laws Amendment Bill, 2023, and the Climate Change Amendment Bill into law at State House Nairobi.

The Anti-Money Laundering bill amends the Extradition (Contiguous and Foreign Countries) Act (Cap 76) and the Extradition (Commonwealth Countries) Act (Cap. 77) to allow the surrender of a fugitive criminal who consents to be extradited to a requesting State.

It also amends the Capital Markets Act (Cap. 485A) to empower the Capital Markets Authority to enforce the compliance of its licensees with the laws on anti-money laundering and combating of terrorism financing and proliferation financing.

Other acts that have been amended include; the Insurance Act, Banking Act, Microfinance Act, Anti-Corruption and Economic Crimes Act and Proceeds of Crime and Anti-Money Laundering Act, 2009.

File image of President William Ruto.
The Climate Change Bill on the other hand has been amended to empower the Cabinet Secretary to appoint the Designated National Authority for market mechanisms and any other mechanisms deriving from Article 6 of the Paris Agreement.

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The Bill has also been amended to empower the Climate Change Council to provide guidance and policy direction on carbon markets to the national and county governments, the public and other stakeholders.

The Climate Change Bill has further been amended to regulate the share of proceeds and cancellation rates and compels the national and county governments to undertake best practices.