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Jun.02, 2010
The new anti-money laundering law is likely to push up operational costs for providers of financial services as they come under pressure to retrain their staff, acquire new technologies and systems and pay millions in punitive fines if found guilty.
This was revealed at a recent forum organised by audit firm Deloitte meant to shed light on the implications of the Proceeds of Crime and Anti-Money Laundering Act of 2009, which is expected to be operationalised in a few months time after the Reporting Centre – the regulatory agency has been set up.
“The focus of the law is not on criminals but on people and institutions that enable money laundering (passing of proceeds from crimes like drug trade into legitimate business channels by means of bank deposits or investments),” said Tommy Prins, a forensic expert.
Financial institutions and professionals like accountants and advocates risk high punitive fines if they breach several provisions of the law.
For instance, handling or transporting money or other valuables that will help another person to commit a crime attracts a 14-year jail term and, or, a fine not exceeding Sh5 million or the value of the property involved, whichever is higher.
For formal corporations, the fine is a maximum of Sh25 million or the amount equivalent to the value of the property, whichever is higher.
Supervisory bodies, including the Capital market Authority, Insurance Regulatory Authority, the Central Bank of Kenya, and Retirements Benefits Authority will also report to the Centre any suspicious transactions, failure to which a member of their staff will be liable to a term of three years in prison and/or a fine not exceeding Sh1 million.
The institutions, on the other hand, may be fined Sh5 million for the offence.
Organisations risk fines for their employees’ indiscretion.
In case an employee leaks information about a report that is being prepared to be taken to the Centre, the institution will be fined up to Sh10 million or an amount equivalent to the value of the property.
The individual who leaks the information will be fined ShSh2.5 million and/or spend seven years in prison.
Pile pressure
Analysts say the new law will pile pressure on organisations to vet their staff’s integrity as the fines can substantially increase operational costs.
However, a reputation risk is seen as a worse consequence as it can lead to loss of future business opportunities or existing clients.
The enactment of the anti-money laundering law late last year came after a five-year deadlock lock in parliament.
Ms Elizabeth Onyonka of the CBK’s Banking Supervision department, said clauses to fight terrorism financing were removed from the bill as a measure to reach consensus and push it through in parliament.
Criminal law experts say that money laundering and terrorism financing often go together and called for inclusion of the removed clause to make a comprehensive law to fight transnational crimes.
One of the key highlights of the law is to report any transactions from $10,000 (about Sh800,000).
With the implementation of the law, Kenya hopes to stem the negative effects of money laundering on the economy such as asset price inflation and unstable interest rates.