The National Treasury has drafted the Proceeds of Crime and Anti-money Laundering Regulations (2019) seeking to establish Criminal Assets Recovery Fund and Administration.
The mandate of the Fund will be to receive, manage, and transfer all money and property derived from the fulfilment of the confiscation and forfeiture order. Moreover, the Fund will receive money and property recovered under the Anti-Corruption and Economic Crimes Act.
Moreover, where appropriate the fund may invest in government securities.
An administrator aided by a committee established by the treasury will supervise and control the administration of the Fund.
The fund will receive an initial capital of Sh20M as appropriated by Parliament in the 2019/20 financial year. However, the expenditure shall be on the basis of and limited to annual work programs and cost estimates prepared by the administrator.
Besides, the Fund shall prepare annual financial and non-financial reports and annual general performance reports with a review of operations occurring every ten years.
The treasury is inviting the public and relevant institutions to table their comments on the draft regulations by 5 pm Wednesday 25 September 2019.
