The National Assembly has approved President William Ruto’s recommendations to the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025.
The Bill, sponsored by Majority Leader Kimani Ichung’wah, aims to strengthen Kenya’s legal framework on money laundering and terrorism financing. It was introduced in the House on March 4, 2025.
While debating the Bill, Finance and Planning Committee Chairperson Hon. Kuria Kimani stressed the urgency of passing the amendments to help Kenya exit the Financial Action Task Force (FATF) grey list.
“Kenya is currently on the FATF grey list. If we don’t act fast, the country risks serious and long-term economic consequences,” said Kuria. He also proposed additional changes to include virtual assets and cryptocurrencies under anti-terrorism rules, noting the growth of unregulated digital platforms, betting, and saccos.
The Bill proposes changes to ten existing laws to bring them in line with global standards on anti-money laundering, terrorism, and proliferation financing.
The key proposed amendments include changes to five major laws. The Proceeds of Crime and Anti-Money Laundering Act will see the appointment of a Director General to head the Asset Recovery Agency and place dealers in precious metals and stones under the regulatory watch of the Financial Reporting Centre.
The Prevention of Terrorism Act will now clearly define terrorism financing, covering the funding of terrorist acts and travel for terrorism purposes. Under the Betting, Lotteries and Gaming Act, the Betting Control and Licensing Board will be empowered to regulate and supervise betting firms for risks related to money laundering and terrorism financing.
The Retirement Benefits Act will enhance the authority of the Retirement Benefits Authority to monitor and enforce compliance on financial crimes within pension schemes. Lastly, the Mining Act will grant the Director of Mining the authority to enforce anti-money laundering and counter-terrorism measures in the mining sector.
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