The Cabinet on Tuesday, July 18 approved the Anti-Money Laundering and Combating of Terrorism Financing Laws Amendment Bill, 2023.
According to a Communique from State House, the Financial Reporting Centre (FRC) will have the power to show the instances under which it might request for the revocation of a reporting institution’s license if the bill is enacted by Parliament.
FRC will also have the power to impose sanctions for violations of the proceeds of crime.
“The Financial Reporting Centre (FRC) will now impose sanctions for violations of the proceeds of crime. This follows the Cabinet’s approval of the draft Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023,” read the statement in part.
The bill also increases the penalties for failing to declare cross-border currency transactions, bringing them in line with the Financial Action Task Force (FATF) standards.
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Additionally, it raises the bill raises cash transaction-reporting threshold from $10,000 to $15,000 and also requires companies to keep a register of beneficial owners.
In the Tuesday meeting, the Cabinet also approved the Acquisition of Kenya Petroleum Refineries by the Kenya Pipeline Company Limited.
The Kenya Kwanza Cabinet further approved the Climate Change Amendment Bill signifying Kenya’s commitment to increasing its participation in carbon markets.
“The Bill is expected to address these challenges by legislating on carbon markets, controlling and managing trading activities. It aligns with international commitments under the Paris Agreement and demonstrates Kenya's dedication to fostering a sustainable low-carbon future,” the statement added.
