Anti-Money Laundering: Enhanced Customer Due Diligence

Anti-Money Laundering: Enhanced Customer Due Diligence

The Proceeds of Crime and Anti-Money Laundering Act, 2009 (POCAMLA) provides for the offence of money laundering and introduces measures for combating the offence. One such measure is that financial institutions, estate agencies and designated non-financial businesses ...
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Penalties for Non-Compliance With the Retirement Benefits Act, 1997

Penalties for Non-Compliance With the Retirement Benefits Act, 1997

Parliament amended the Law on Retirement Benefits through the Finance Act, 2018 following its enactment on September 21, 2018. Changes specific to the Retirement Benefits Act, 1997 were back-dated to July 1, 2018 ...
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Amendments to the Central Bank of Kenya Act, 1966

Amendments to the Central Bank of Kenya Act, 1966

The Finance Act, 2018 assented to on 21st September, 2018, amended the Central Bank of Kenya (CBK) Act, 1966 to regulate Mortgage Finance Business (the business). The amendments include having new definitions and introduction of new powers to ...
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The Finance Act, 2018

The Finance Act, 2018

Amidst controversy and recriminations across board, the Finance Bill, 2018 (the Bill), was eventually passed on a special sitting of the National Assembly on 20th September, 2018 and the President assented to it on the 21st September, ...
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Securities Transfers Tax

Securities Transfers Tax

Capital Gains Tax(CGT) was re-introduced in Kenya effective 1 January 2015 , consequently, any gain on transfer of property, including shares, is now subject to CGT at the rate of 5%. However, its re-introduction has adversely affected some key sectors in the ...
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Special Economic Zones Act

Special Economic Zones Act

The Government has proposed to set up Special Economic Zones (SEZs) in key urban areas; this establishment of SEZs is a flagship project under the national development blueprint of Vision 2030., the country’s development program 2008-2030 Launched by ...
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