NAIROBI, March 3 (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 corruption. 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 250,000 dollars.
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 laundering.
