William Ruto Signs Anti-Money Laundering Bill Into Law As He Steps Up War On Corruption, Terrorism

• President William Ruto signed the Anti-Money Laundering and Terrorism Financing Laws Amendment Bill, 2023, to enhance the fight against financial crimes
• The Capital Markets Authority and the Insurance Regulatory Authority have been given the authority under the amendment to ensure compliance of their licenses with the new law
• Ruto also approved the Climate Change Amendment Bill, aiming to regulate carbon markets and strengthen climate change response

Nairobi - President William Ruto has signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023, into law.

The new law is aimed at aiding government agencies in combatting money laundering and terrorism by addressing the hurdles they've previously encountered in executing their mandate.

According to the new law, consenting fugitives would be extradited to requesting countries after surrendering.

The Capital Markets Authority and the Insurance Regulatory Authority have also been given the authority to ensure compliance of their licenses with the new law.

Under the new law, the Central Bank of Kenya (CBK) will supervise financial institutions and agents of reporting institutions.

The law has further included the laundering of the proceeds of corruption under the definition of “economic crime”.

Dealing with climate change

During the Friday, September 1 event held at State House Nairobi, Ruto also assented to the Climate Change (Amendment) Bill (National Assembly Bill No. 42 of 2023).

The Bill revises the Climate Change Act 2016, providing for the regulation of the carbon markets besides enhancing response to climate change.

It provides transactions in carbon trading as carried out under the act, reducing greenhouse gas emissions.

Per the new law, the Cabinet Secretary has the power to enter into a bilateral or multilateral agreement to trade carbon for emission reductions and removals after the authorisation of the Cabinet.

Ruto's stern warning on sugar cartels

Earlier, Ruto fired a stun warning to sugar cartels and maintained he would fight them tooth and nail as he seeks to restore Mumias Sugar Company.

While reiterating his commitment to revive the sugar company in the Western Kenya region, the president said he would not entertain any sugar cartels standing in the way of his plans.

"Let me repeat so that they hear well, I have said corrupt cartels who are stealing from Kenyans, who brought Mumias and Nzoia Sugar companies down and are now behaving bullish must vacate Kenya. We will deal with them firmly. And I have said that if they do not change, they should vacate the country; if not, they will go to jail or they should pack their things and go to heaven," Ruto said.

Before this public warning to cartels, he had linked billionaire businessman Singh Rai to powerful cartels standing in the way of his plans to revive the local sugar industry.