Banks that break Kenya’s anti-money laundering rules will lose their licenses, President Uhuru Kenyatta said on Monday in his annual address to the nation.
“From today, we have agreed that those banks that break our anti-money laundering laws and regulations will at a minimum lose their banking license’
The President, along with the private sector and other arms of Government outlined a raft of measures to curb corruption in Kenya. Commercial banks found breaking anti-money laundering laws will at a minimum lose their banking licenses. An Anti-Bribery Bill prepared by the Kenya Private Sector Alliance (KEPSA) will also be presented to Parliament for passing. Kenya Revenue Authority and customs staff will also undergo lifestyle audits (including wealth declaration) to minimize tax collection losses thought to be facilitated by employees. Intelligence reports will onwards include information and intelligence on corruption for the attention of the Presidency and relevant investigation agencies. Businesses involved in corruption will be disqualified from doing business with government for five years and the list made public. The embargo will apply to directors of those companies too. Firms seeking to do business with Government will be required to sign a code of conduct. Companies and officials guilty of breaching the code will further be delisted from all business associations. The Public Procurement and Oversight Authority (PPOA) will henceforth publish price reference lists to ensure no purchases can be made above the set limits. Accounting officers and supply chain managers will be held personally liable for any purchase made above the set limits. In exchange, the Government will ensure timely payments to suppliers. The Chief of Staff was also tasked to design office of management and budget under Presidency. The President reminded the relevant agencies to implement Chapter 6 of the Constitution on Leadership and Integrity without fear or favor. The Chief Justice announced the set up of special courts to deal expeditiously with cases on corruption and related crimes. While the constitution decrees independence of the three arms of government, in times of crisis and emergencies these can be collapsed into one to jointly tackle issues of national interest. With corruption now categorized as a National security threat, Parliament, Judiciary and the Executive (including the County Governments) will all work in harmony. Former PricewaterhouseCoopers Africa chairman, Philip Kinisu, was nominated to head the Ethics and Anti-Corruption Commission (EACC). Apart from prosecution of corrupt persons, EACC will also be judged based on the amount of recovered assets. As a result, the President promised that there would be no tax increases in the next financial year unless benefits can be clearly outlined. The country will also sign more agreements for mutual assistance on international crimes and recovery of proceed of crime assets located outside of Kenya. (Standard Investment Bank) Banks found breaking anti-money laundering laws to lose their licenses. Standard Investment Bank Important disclosures on the last page Kenya Weekly Market Wrap Headlines News The President, along with the private sector and other arms of Government outlined a raft of measures to curb corruption in Kenya. Commercial banks found breaking anti-money laundering laws will at a minimum lose their banking licenses. An Anti-Bribery Bill prepared by the Kenya Private Sector Alliance (KEPSA) will also be presented to Parliament for passing. Kenya Revenue Authority and customs staff will also undergo lifestyle audits (including wealth declaration) to minimize tax collection losses thought to be facilitated by employees. Intelligence reports will onwards include information and intelligence on corruption for the attention of the Presidency and relevant investigation agencies. Businesses involved in corruption will be disqualified from doing business with government for five years and the list made public. The embargo will apply to directors of those companies too. Firms seeking to do business with Government will be required to sign a code of conduct. Companies and officials guilty of breaching the code will further be delisted from all business associations. The Public Procurement and Oversight Authority (PPOA) will henceforth publish price reference lists to ensure no purchases can be made above the set limits. Accounting officers and supply chain managers will be held personally liable for any purchase made above the set limits. In exchange, the Government will ensure timely payments to suppliers. The Chief of Staff was also tasked to design office of management and budget under Presidency. The President reminded the relevant agencies to implement Chapter 6 of the Constitution on Leadership and Integrity without fear or favor. The Chief Justice announced the set up of special courts to deal expeditiously with cases on corruption and related crimes. While the constitution decrees independence of the three arms of government, in times of crisis and emergencies these can be collapsed into one to jointly tackle issues of national interest. With corruption now categorized as a National security threat, Parliament, Judiciary and the Executive (including the County Governments) will all work in harmony. Former PricewaterhouseCoopers Africa chairman, Philip Kinisu, was nominated to head the Ethics and Anti-Corruption Commission (EACC). Apart from prosecution of corrupt persons, EACC will also be judged based on the amount of recovered assets. As a result, the President promised that there would be no tax increases in the next financial year unless benefits can be clearly outlined. The country will also sign more agreements for mutual assistance on international crimes and recovery of proceed of crime assets located outside of Kenya. (Standard Investment Bank) Banks found breaking anti-money laundering laws to lose their licenses. Standard Investment Bank Important disclosures on the last page Kenya Weekly Market Wrap Headlines News The President, along with the private sector and other arms of Government outlined a raft of measures to curb corruption in Kenya. Commercial banks found breaking anti-money laundering laws will at a minimum lose their banking licenses. An Anti-Bribery Bill prepared by the Kenya Private Sector Alliance (KEPSA) will also be presented to Parliament for passing. Kenya Revenue Authority and customs staff will also undergo lifestyle audits (including wealth declaration) to minimize tax collection losses thought to be facilitated by employees. Intelligence reports will onwards include information and intelligence on corruption for the attention of the Presidency and relevant investigation agencies. Businesses involved in corruption will be disqualified from doing business with government for five years and the list made public. The embargo will apply to directors of those companies too. Firms seeking to do business with Government will be required to sign a code of conduct. Companies and officials guilty of breaching the code will further be delisted from all business associations. The Public Procurement and Oversight Authority (PPOA) will henceforth publish price reference lists to ensure no purchases can be made above the set limits. Accounting officers and supply chain managers will be held personally liable for any purchase made above the set limits. In exchange, the Government will ensure timely payments to suppliers. The Chief of Staff was also tasked to design office of management and budget under Presidency. The President reminded the relevant agencies to implement Chapter 6 of the Constitution on Leadership and Integrity without fear or favor. The Chief Justice announced the set up of special courts to deal expeditiously with cases on corruption and related crimes. While the constitution decrees independence of the three arms of government, in times of crisis and emergencies these can be collapsed into one to jointly tackle issues of national interest. With corruption now categorized as a National security threat, Parliament, Judiciary and the Executive (including the County Governments) will all work in harmony. Former PricewaterhouseCoopers Africa chairman, Philip Kinisu, was nominated to head the Ethics and Anti-Corruption Commission (EACC). Apart from prosecution of corrupt persons, EACC will also be judged based on the amount of recovered assets. As a result, the President promised that there would be no tax increases in the next financial year unless benefits can be clearly outlined. The country will also sign more agreements for mutual assistanc
Source; Reuters
