President Uhuru Kenyatta has signed amendments to the
Proceeds of Crime and Anti-Money Laundering (Amendment) Bill 2017, a tough
legislation aimed at combating economic crimes, into law.
“This is a major tool in our sustained efforts to fight
corruption. It means that no proceeds of theft and corruption are beyond the
reach of the State,” President Kenyatta said.
The amended legislation introduces punitive measures of
punishment for economic crimes.
In addition to the identification, tracing, freezing,
seizure and confiscation of proceeds of crime, the new law imposes stiff
penalty on culprits.
It recommends that a person who fails to comply with it will
be liable to a monetary penalty not exceeding Sh5 million while the penalty for
a corporate body will not exceed Sh25 million.
The amended law adds that in the case of continued failure,
the person or reporting institution shall be liable to an additional monetary
penalty of Sh10 million per day on which such failure continues for a maximum
period of 180 days.
It also formalises the establishment of the Assets Recovery
Agency, which will handle all cases of recovery of the proceeds of crime or
benefits accruing from money laundering.
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