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Treasury seeks green light on tougher money laundering law
National Treasury Principal Secretary Julius Muia.
Photo credit: File | Nation Media Group
What you need to know:
- Under the proposed law, assets seized from suspects linked to corruption and money laundering will be sold and the money invested in government bonds.
- Dozens of government officials and business people have appeared in court in recent months on charges relating to alleged theft of hundreds of millions of shillings from public coffers.
The State has invited public comments on a planned law that will bring casinos, land and luxury vehicle transactions under close scrutiny as it moves to close loopholes that criminals and corruption cartels use to launder illicit cash.
National Treasury Principal Secretary Julius Muia said Tuesday the proposed law will lay the groundwork for the first ever national strategy on combating money laundering.
