President William Ruto has assented to the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025.
The head of state also signed into law the Insurance Professionals Bill (National Assembly Bills No. 13 of 2024).
The Anti-Money Laundering and Combating of Terrorism Financing legislation is designed to strengthen Kenya’s framework for tackling money laundering, terrorism financing, and proliferation financing.
Its enactment represents a decisive step in bolstering the country’s financial system against illicit financial flows.
The amended law seals long-standing loopholes that have enabled the misuse of property transactions and shell companies for illegal financial activities.
These legal reforms reaffirm Kenya’s standing as a leader in financial integrity and enhance the country’s credibility in the global regulatory regime.
ALSO READ:
Matungulu residents demand for Bus Park opening to boost local trade
Initially passed on April 16, 2025, the Bill was returned to Parliament by President Ruto with reservations.
It was passed a second time by the National Assembly on June 3, 2025, with amendments that fully addressed the President’s concerns.
Ten Acts of Parliament have been amended to address technical compliance deficiencies flagged by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF).
The amended laws are: The Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A); the Prevention of Terrorism Act (Cap. 59B); the Betting, Lotteries and Gaming Act (Cap. 131); the Retirement Benefits Act (Cap. 197); the Mining Act (Cap. 306); the Sacco Societies Act (Cap. 490B); the Accountants Act (Cap. 531); the Estate Agents Act (Cap. 533); the Certified Public Secretaries of Kenya Act (Cap. 534); and the Public Benefits Organizations Act (No. 18 of 2013).
The introduction of enhanced regulatory clarity and oversight in sectors such as real estate and mining is expected to significantly boost investor confidence and attract foreign direct investment.
ALSO READ:
KR positions its Marine Division a key player in regional logistics as plans to expand emerge
Additionally, stronger regulation will help broaden the tax base and support domestic revenue mobilization by formalizing more players in the economy.
This new legislation seeks to align the country laws with these global benchmarks on anti- money laundering, counter-terrorism financing, and proliferation financing.
The Bill amended the Sacco Societies Act (Cap. 490B) by empowering the Sacco Societies Regulatory Authority to regulate and supervise bodies under its purview for anti- money laundering, counter financing of terrorism and counter proliferation financing.
The signing of the bill into law comes after Kenya was placed on the Financial Action Task Force (FATF) grey list in 2024, which flagged weaknesses in the country’s monitoring and enforcement systems.
By Obegi Malack
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
