NAIROBI (Xinhua) --
Kenyan President Uhuru Kenyatta on Friday signed into law the
Proceeds of Crime and Anti-Money Laundering (Amendment) Bill
2017, a tough legislation aimed at combating economic crimes.
A statement from Kenyatta’s office said the amended legislation
introduces fresh measures on punishment for economic crimes.
"This is a major tool in our sustained efforts to fight
"It means that no proceeds of theft and corruption are beyond
the reach of the State," Kenyatta said after signing the bill.
In addition to the identification, tracing, freezing, seizure
and confiscation of the proceeds of crime, the new law imposes
stiff penalty on culprits.
It recommends that a person who fails to comply with it will
be liable to a monetary penalty not exceeding 50,000 U.S.
dollars while the penalty for a corporate body will not exceed
The amended law adds that in the case of continued failure,
the person or reporting institution shall be liable to an
additional monetary penalty of 100,000 dollars per day on which
such failure continues for a maximum period of 180 days.
The new legislation also formalises the establishment of the
Assets Recovery Agency, which will handle all cases of recovery
of the proceeds of crime or benefits accruing from money