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Kenya

Michuki defends anti laundering Bill

MOMBASA, August 22- Acting Finance Minister John Michuki Friday told off a section of Kenyans opposed to the proposed Anti-Money Laundering Bill saying its implementation would be a magnificent approach in the fight against money laundering and terrorism.

Michuki stated that the government would not be deterred by few people as it was committed to fighting these vices.

He said the bill should be appreciated as it would promote the country\’s integrity in the international money markets.

The minister noted that through such initiatives the country, through its local authorities, corporations and other bodies could benefit from international borrowing for further investment.

He said that following an evaluation exercise conducted by a rating agency "Standards and Poor" the country scored a B+ on monetary standards and performance and this was a positive move towards its development in monetary issues.

Consequently, the minister said the bill was in the top agenda for debate when Parliament resumes in October.

Michuki added that once the bill is functional, it would help lock out criminal activities which has earned the country a bad image.

Michuki spoke when he officially opened the Eastern and Southern Africa Anti-Money Laundering Group workshop for ministers where he was elected to take over the groups\’ presidency from Botswana’s Finance Mnister Baledzi Gaolathe.

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