MPs pass Bill to tackle money laundering and terrorism financing

The National Assembly has passed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025 with amendments.

The Bill amends 10 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 the technical compliance deficiencies identified arising from the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) rerating and review by Financial Action Task Force.

Among the laws it amends the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A) by adopting the title Director General, the head of the Asset Recovery Agency, to align with other investigative agencies in the Country.

The Prevention of Terrorism Act has also been amended to expand the definition of “terrorism financing to include the offences stipulated under sections 5 and 5A of the Act.

Further to this, the law has been amended to align various provisions of the Act with FATF standards.

It also contains amendment to the Betting Lotteries and Gaming Act to empower and allow the Betting Control and Licencing Board to regulate and supervise entities that fall within its jurisdiction for anti- money laundering, counter financing of terrorism and counter proliferation financing.

Also amended is the Retirement Benefits Act by strengthening the mandate of the Retirement Benefit Authority to regulate, supervise and enforce compliance of the entities under its watch for anti- money laundering, counter financing of terrorism and counter proliferation financing.

The Mining Act, on the other hand, has been amended to empower the Director of Mining, and in discharge of his functions, to regulate, supervise and enforce compliance of the persons under his supervision for anti-money laundering, counter financing of terrorism and counter proliferation financing.

Also, the Bill amends the SACCO Societies Act by empowering Sacco Societies Regulatory Authority to regulate and supervise bodies under its purview for anti-money laundering, counter financing of terrorism and counter proliferation financing.

The Accountants Act has been amended to empower and allow the Institute of Certified Public Accountants of Kenya to, in discharge of its duties, regulate and supervise matters relating to anti- money laundering, counter financing of terrorism and counter proliferation financing.

Estate Agents Act has also been amended to empower the Estate Agents Registration Board to regulate and supervise entities that fall within its jurisdiction for anti-money laundering, counter financing of terrorism and counter proliferation financing.

The Certified Public Secretaries of Kenya Act, on its part, has been amended to strengthen the Institute of Certified Public Secretaries of Kenya to closely regulate and supervise issues relating to anti-money laundering, counter financing of terrorism and counter proliferation financing.

The Public Benefits Organisations Act has, on its part, been amended to empower and allow the Public Benefits Regulatory Authority to oversight and monitor public benefits organisations that are at risk of terrorism financing in the Country.

The Bill, which was published by National Assembly Majority Leader Kimani Ichung’wah, now awaits presidential assent.