Tougher Anti-Money Laundering Legislation Becomes Law in Kenya

Kenya has passed amendments to the “Proceeds of crime and anti-moneylaundering Act of 2009”.

Kenya’s leading business daily, the Business Daily reports that:
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.