The National Assembly has debated the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023.

The Bill moved by Leader of Majority Party, Hon. Kimani Ichung'wa (Kikuyu) seeks to amend various Acts of Parliament relating to money laundering, countering financing of terrorism and proliferation of weapons of mass destruction.

Among the laws targeted for amendment by the Bill is the Proceeds of Crime and Anti-money laundering Act of 2009. The Bill seeks to grant supervisory bodies powers to monitor and ensure compliance with anti-money laundering and combating of terrorism financing and to align various provisions under the Act to Financial Action Task Force (FATF) standards.

Also set for amendment through the Bill is the Ethics and Anti-Corruption Act of 2011. The Bill seeks to include the offence of money laundering as an economic crime under Proceeds of Crime and Anti-Money Laundering Act of 2009.

Hon. Ichung'wa told the House that the Bill is critical to cure current deficiencies in reporting of suspicious cross-border financial transactions and would go a long way in combating terrorism.

"People do not launder legitimately acquired wealth. It is usually illicit money. If we had this law in place many past cross-border economic crimes would have been avoided," said Hon. Ichung'wa.

Hon. Tom Kajwang' (Ruaraka) opposed the Bill saying as currently drafted, the legislative proposal was in breach of lawyer-client confidentiality.

“This Bill is allowing some third parties to encroach on the fidelity of advocate-client relationships. If this Bill is passed it will allow people to intrude in your accounts and know what you are discussing with your lawyer,” said Hon. Kajwang'.