TOTAL POWER

Assets Recovery Fund able to seize money

Regulations outline establishment of Criminal Assets Recovery Fund Committee.

In Summary
  • Comments or inputs to be forwarded to Principal Secretary Julius Muia.
  • They should be submitted by Wednesday next week .
Labour CS Ekur Yattani at his office. hs ofthe labour offices.
the PEOPLE'S MONEY: Labour CS Ekur Yattani at his office. hs ofthe labour offices.
Image: EZEKIEL AMING'A

The proposed Criminal Assets Recovery Fund Committee will have total power to supervise and control the administration of all money confiscated and forfeited to the government.

Regulations published by the National Treasury indicate the committee will also approve opening and closing of bank accounts and approve guidelines on the compensation of third-party claims pursuant to a court order.

The committee will also approve all disbursements from the fund. It is based on Proceeds of Crime and Anti-Money Laundering (Criminal Assets Recovery Fund) (Administration) Regulations, 2019.

 

“All receipts, earnings and accruals to the Fund, and the balance of the Fund at the close of each financial year shall be retained by the Fund for use for the purpose for which the fund is established,” the regulations state.

The government has invited the public to submit inputs and comments on the regulations.

Treasury acting Cabinet Secretary Ukur Yattani said the comments or inputs should be forwarded to Principal Secretary Julius Muia by Wednesday next week (25 September) at 5pm.

inputs or comments can be sent by mail, hand-delivered to the office of the PS or e-mailed to [email protected].

The request follows recent revelation by the Ethics and Anti-Corruption Commission that over the last few years, it had recovered assets worth more than Sh11 billion.

It said it has filed about 400 cases in court seeking recovery, seizure and confiscation of unexplained assets worth more than Sh10 billion.

Establishment of the Criminal Assets Recovery Fund Committee is one objective of the regulations.

 

The committee will include  the Attorney General, PS of the National Treasury; director general of the NIS, Governor of the Central Bank, director general of the Financial Reporting Centre, CEO of the Ethics and Anti-Corruption Commission, commissioner general of the the Kenya Revenue Authority, the Director of Public Prosecutions and Director of Criminal Investigations.

The Treasury PS shall be the committee chairperson. The members appointed may attend in person or through a designated representative.

The committee may, from time to time, co-opt other members as it may deem necessary, for the proper and efficient discharge of its oversight functions over the Fund.

The Fund will receive all money confiscated and forfeited, manage and transfer all property confiscated and forfeited.

The Fund will also receive money or property recovered under the Anti- Corruption and Economic Crimes Act, 2003. It will be mandated to build capacities for law enforcement and criminal justice.

The regulations further say expenses incurred in pursuance of the Fund's objectives and purposes shall be paid out of the Fund.

The Fund's initial capital shall be Sh20 million as appropriated by Parliament in  2019-20.

(Edited by V. Graham)