Ruto Signs into Law Anti-money Laundering, Climate Change Bills

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

The National Assembly on August 23 passed the Anti-Money Laundering and Combatting of Terrorism Financing Laws (Amendment) Bill, 2023.

The Bill will see the amendment of at least 18 Acts of Parliament relating to anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction in addressing deficiencies identified during the Mutual Evaluation of Kenya.

Some of the amended Acts include; the Extradition (Contiguous and Foreign Countries) Act (Cap 76), Extradition (Commonwealth Countries) Act (Cap. 77), State Corporations Act (Cap. 446), Capital Markets Act (Cap. 485A), Insurance Act (Cap. 487), Banking Act (Cap. 488) and the Central Bank of Kenya Act (Cap. 491).

Read: Lawyers To Report Suspicious Transactions In Fight Against Money Laundering

It also seeks to amend the Microfinance Act (No. 19 of 2006), Anti-Corruption and Economic Crimes Act (No. 3 of 2003), Proceeds of Crime and Anti-Money Laundering Act, 2009 (No. 9 of 2009) and National Police Service Act, 2011 (No.11A of 2011).

Others are Ethics and Anti-Corruption Commission Act, 2011 (No. 22 of 2011), Mutual Legal Assistance Act, 2011 (No. 36 of 2011), National Payment Systems Act, 2011 (No. 39 of 2011), Limited Liability Partnership Act, 2011 (No. 42 of 2011), Prevention of Terrorism Act, 2012 (No. 30 of 2012), Law Society of Kenya Act, 2014 (No. 21 of 2014) and Companies Act, 2015 (No. 17 of 2015).

The Climate Change Bill had 17 clauses amending a variety of aspects of the Climate Change Act, 2016 to provide for the regulation of the carbon markets.

Present at the signing ceremony at the State House were Speakers Moses Wetang’ula (National Assembly) and Amason Kingi (Senate) Clerks Samuel Njoroge (National Assembly) and Jeremiah Nyegenye (Senate).

Others were Attorney-General Justin Muturi, Majority Leaders Kimani Ichung’wah (National Assembly), Aaron Cheruiyot (Senate), and respective committee members.