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The Financial Reporting Centre (FRC), a body launched in April 2012 to monitor Kenya's financial system for suspicious transactions, has issued a circular to various regulatory bodies –the Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Estate Agents and Gambling Casinos to act immediately, as the country reels from devastating effects of terrorism. The organisation says this is per the First Schedule to the Proceeds of Crime and Anti-Money Laundering Act and as per United Nations Security Council 1373 Resolution.
Central Bank of Kenya, the first to act on the circular, has moved to shut down 13 suspected forex bureaus as well as bank accounts of listed individuals and companies under the watch list of the Financial Reporting Centre. It is still unclear if lawsuits will arise in the event that these forex bureaus are cleared of any wrongdoing. Thursday, IRA ordered for the cancellation of all insurance policies for names and or companies that the government deems are associated with terrorism organisations.
These organisations are named as Al-Shabaab, Mombasa Republican Council, Al-Qaida, ISIS (Islamic state of Iraq and Syria) and Boko Haram.
Regulation 11(3) of Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations 2013, requires reporting institutions to take appropriate action by amongst others, freezing until further notice, the property or funds of designated persons. Reporting institutions are also required to take action in accordance with the Prevention of Terrorism Act, 2012 and the Proceeds of Crime and Anti-Money Laundering Act, 2010.
The Counter Financing of Terrorism Inter-Ministerial Committee had forwarded to the Financial Reporting Centre a list of 86 individuals and companies for circulation in accordance with the Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations 2013. "Please be guided accordingly and cancel all insurance covers of any of the named persons immediately," Insurance Regulatory Authority (IRA) CEO Sammy Makove said in a circular dispatched to all insurance companies, reinsurance firms and insurance brokers. See Also: Next CBK governor to be known in three weeks INSURANCE COVERS The list of the entities suspected to be associated with the Somalia-based terror group is 86.
"For the bus companies, this means that they cease to operate as they cannot be on the road without valid insurance covers. For Individuals, their premiums are withheld leaving them exposed since they cannot make any claims arising from the policies," said IRA Corporate Affairs Manager Noella Mutanda.
The Institute of Certified Public Accountants of Kenya (ICPAK) confirmed it has received the list. ICPAK Chairman Benson Okundi explained that the consequence of any member being implicated in the terror activities is harsh. "Yes we have received the list and are currently studying it so that we find out whether we have any member who is implicated or involved in the terror activities in the country," said Mr Okundi. If any member is implicated, Okundi said the institution will initiate disciplinary action which might result to suspension, cancellation of certificate, and membership completely withdrawn depending on the gravity of the offence.
Source: Standardmedia
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NAIROBI: The Government has instructed financial regulators to immediately freeze accounts, insurance cover, pension, shares and bond instruments for individuals and companies suspected of funding terror activities.