Ruto signs Anti-Money Laundering Bill into law

President William Ruto has signed into law the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025.

Ruto signed the Bill tabled by National Assembly Majority Leader Kimani Ichung’wa, early today after the President had previously returned the Bill to Parliament, recommending amendments.

It was passed again early this month with ten Acts of Parliament amended to address technical compliance deficiencies flagged by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF).

The new law seeks to seal critical gaps that have enabled money laundering and illicit financial flows through property transactions and the use of shell companies.

It contains 10 amendments to the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A), the Prevention of Terrorism Act (Cap. 59B), the Betting, Lotteries and Gaming Act (Cap. 131); the Retirement Benefits Act (Cap. 197), the Mining Act (Cap. 306) and the Sacco Societies Act (Cap. 490B).

The Accountants Act (Cap. 531), the Estate Agents Act (Cap. 533), the Certified Public Secretaries of Kenya Act (Cap. 534), and the Public Benefits Organisations Act (No. 18 of 2013) have also been amended.

The amendment to the Betting, Lotteries and Gaming Act seeks to empower the Betting Control and Licensing Board (BCLB) to regulate and supervise betting firms from anti-money laundering, counter-terrorism financing, and counter-proliferation financing.

The amendment to the Retirement Benefits Act aims to strengthen the mandate of the Retirement Benefit Authority to regulate, supervise, and enforce compliance among entities under its watch in the fight against money laundering, terrorism financing, and proliferation financing.

Speaking during the signing of the Bill, Ruto said the Bill closes long-standing loopholes that have facilitated illicit financial flows through property transactions and the misuse of shell companies.

Furthermore, he stated that the Bill closes long-standing loopholes that have facilitated illicit financial flows through property transactions and the misuse of shell companies.

“The legal reforms embedded in the bill reaffirm Kenya’s standing as a leader in financial integrity while significantly enhancing the country’s reputation and credibility within the global regulatory ecosystem,” he stated.

“The enactment of this bill marks a decisive stride in fortifying our country’s financial architecture against illicit financial laws,” he added.

The signing comes after Kenya was recently listed by the European Commission as a high-risk Country for money laundering and terrorism financing.

Kenya was listed together with Algeria, Angola, Côte d’Ivoire, Namibia, Laos, Lebanon, Monaco, Nepal, and Venezuela, while Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates (UAE) were removed from the list.

President Ruto also assented to the Insurance Professionals Bill, which establishes a comprehensive legal framework to regulate the insurance industry.

The new law introduces a bottom-up registration regime for insurance professionals, heralding a new era in insurance regulation.

It also mandates the formation of a Registration Committee responsible for receiving applications, issuing practicing certificates, monitoring compliance with quality assurance standards, and recommending disciplinary enquiries when necessary.

The law also establishes the Insurance Institute of Kenya, which shall be governed by a council, as they’ll also be overseeing the conduct and standards of insurance practitioners.