Chief Justice Willy Mutunga at a past meeting. Photo/FILE
NATION MEDIA GROUP
By ALLAN ODHIAMBO aodhiambo@ke.nationmedia.com
Posted Tuesday, April 16 2013 at 11:42
Posted Tuesday, April 16 2013 at 11:42
All in the rank of principal magistrates, the officers will occasionally be moved to new stations, Dr Mutunga said.
The appointment of special magistrates is a requirement of the Anti-Corruption and Economic Crimes Act.
“A special magistrate may pass upon any person
convicted by him any sentence authorised by law for the punishment of
the offence of which such person is convicted,” the Act partly states.
Corruption and economic crimes remain a major
concern among Kenyans who continue to agitate for action by the
government and the political class.
Several regulations such as the Proceeds of Crime
and Anti-Money Laundering Regulations 2013 have been drafted to try and
tame the menace through which a lot of resources are plundered.
According this law, dealings by elected officials
and top public servants will be placed under close scrutiny under a new
regulatory regime meant to keep dirty money out of circulation.
The rules which buttressed the Proceeds of Crime
and Anti-Money Laundering Act, 2010 were published early this month by
former Finance minister Njeru Githae.
Money laundering
The regulations limit the amount of money that one
can carry while entering or leaving Kenya at $10,000 (Sh855,000) at the
current exchange rates.
“Any person intending to convey into or out of
Kenya monetary instruments equivalent to or exceeding $10,000 or its
equivalent in Kenya shillings or any other currency, shall before doing
so declare the particulars of those monetary instruments to a customs
officer,” the rules state.
They aim to curb illegal dealings that compromised
the integrity of civil servants especially during the Goldenberg and
Anglo Leasing scandals.
“A reporting institution (mostly commercial banks)
will be required to take adequate measures to establish the source of
wealth and the source of funds which are involved in the proposed
business relationship or transaction where a customer or beneficial
owner is a politically exposed person,” the new regulations state.
Institutions transacting business with public
officials will be required to obtain information on the immediate family
members or close associates of the officers with authority over the
account.
“A reporting institution shall have appropriate
risk management systems to determine whether the customer or beneficial
owner is a politically exposed person,” the rules state.
Nature of account
The reporting institutions will be filing their
money laundering findings with the Financial Reporting Centre with
regard to purpose of the transaction, volume and nature of account.
“A reporting institution will be required to
review public sources of information on the politically exposed person,”
the rules say.
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