The cabinet sitting chaired by President William Ruto has approved the introduction and accreditation of bridging courses to enhance access to quality university education.
Subsequently, the Ministry of Education has been tasked with developing guidelines for the implementation of the courses.
Bridging courses are short courses that are designed to help high school students pursue to re-sit the subjects they failed in KCSE exams.
During the meeting, the Cabinet also approved the draft Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023.
As a result, the Financial Reporting Centre (FRC) will impose sanctions for violations of the proceeds of crime.
If enacted by Parliament, the anti-money laundering agency FRC, will have the power to show the instances under which it might request for the revocation of a reporting institution’s license.
The Bill enhances the penalties for violations for declarations for cross-border currency, aligning them with the Financial Action Task Force (FATF) standards.
It further amends the Insurance Act, providing for the licensing of insurance companies.
The current system allows registration, which is a deficiency for financial institutions subject to core principles.
The Bill further aligns the reporting requirement by making Reporting Institutions to report suspicious transactions promptly upon forming suspicion.
Besides raising the cash transaction reporting threshold from $10,000 to $15,000, the Bill provides for the requirement for companies to keep a register of beneficial owners.
