The President of Kenya, Uhuru Kenyatta signed into law the proceeds of Crime and Anti-Money Laundering (Amendment) Bill, aimed at fighting economic crimes. '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 at the signing.
According to a Citizen TV report, the new law imposes a stiff penalty on culprits. It recommends that a person who fails to comply with it will be liable to a monetary penalty not exceeding Kshs 5 million while the penalty for a corporate body will not exceed Kshs 25 million (N30M).
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 Kshs 10 million per day on which such failure continues for a maximum period of 180 days.
The new legislation 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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