Home NEWS Local News President Ruto assents to Anti-Money Laundering, Climate Change Bills

President Ruto assents to Anti-Money Laundering, Climate Change Bills

President William Ruto on Friday signed two Bills, the Anti-Money Laundering and combating of terrorism financing laws (Amendment) Bill, 2023 and the Climate Change (Amendment) Bill at State House.

The anti-money laundering bill was passed by the National Assembly on 23rd August, 2023 and aims to boost government’s efforts to combat money laundering and enhance Kenya’s financial integrity.

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It sought to amend 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 amendments to the bill 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).

Others are the Banking Act (Cap. 488) and the Central Bank of Kenya Act (Cap. 491), Microfinance Act (No. 19 of 2006, the Anti-Corruption and Economic Crimes Act (No. 3 of 2003),and the Proceeds of Crime and Anti-Money Laundering Act, 2009 (No. 9 of 2009).

The Climate Change (Amendment) Bill was passed by the National Assembly on 23rd August, 2023 and by the Senate on 31st August, 2023.

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

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