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In the deals, Kuramo Capital, acquired a 90.9 per cent stake in GenAfrica Asset Managers Ltd from the management and staff of GenAfrica Asset Managers and Centum Investments who held 17.5 per cent and 73.4 per cent respectively/FILE

Kenya

Banks put on notice over money laundering offence

commercial banks found breaking anti-money laundering laws will at a minimum lose their banking licenses/file

commercial banks found breaking anti-money laundering laws will at a minimum lose their banking licenses/file

NAIROBI, Kenya, Nov 24 – The President, along with the private sector and other arms of the Government has outlined a raft of measures to curb corruption in Kenya.

For instance, commercial banks found breaking anti-money laundering laws will at a minimum lose their banking licenses.

Kenya Revenue Authority and customs staff will also undergo lifestyle audits, which will include wealth declaration, in a bid to minimize tax collection losses thought to be facilitated by employees.

“Businesses involved in corruption will also be disqualified from doing business with the government for five years and the list made public. The embargo will apply to directors of those companies too,” reads information released by Standard Investment Bank.

An Anti-Bribery Bill prepared by the Kenya Private Sector Alliance will also be presented to Parliament for passing.

Also, intelligence reports will onwards include information and intelligence on corruption for the attention of the Presidency and relevant investigation agencies.

Additionally, firms seeking to conduct business with the Government will be required to sign a code of conduct while companies and officials guilty of breaching the code will further be delisted from all business associations.

The Public Procurement and Oversight Authority (PPOA) will in the future publish price reference lists to ensure no purchases can be made above the set limits. In addition, accounting officers and supply chain managers will be held personally liable for any purchase made above the set limits.

In exchange, the Government will ensure timely payments to suppliers. The Chief of Staff was also be tasked to design office of management and budget under Presidency.

The President reminded the relevant agencies to implement Chapter 6 of the Constitution on Leadership and Integrity without fear or favor.

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On the other hand, the Chief Justice announced the set up of special courts to deal expeditiously with cases on corruption and related crimes.

With corruption now categorized as a National security threat, Parliament, Judiciary and the Executive (including the County Governments) are expected to work in harmony.

Apart from prosecution of corrupt persons, EACC will also be judged based on the amount of recovered assets. As a result, the President promised that there would be no tax increases in the next financial year unless benefits can be clearly outlined.

The country will also sign more agreements for mutual assistance on international crimes and recovery of proceed of crime assets located outside of Kenya.

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