President William Ruto on Tuesday, June 17, assented to the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2025 at State House, Nairobi.
The Head of State also signed into law the Insurance Professionals Bill (National Assembly Bills No. 13 of 2024).
The Anti-Money Laundering and Combating of Terrorism Financing legislation is designed to strengthen Kenya’s framework for tackling money laundering, terrorism financing, and proliferation financing.
The amended law seals long-standing loopholes that have enabled the misuse of property transactions and shell companies for illegal financial activities.
Initially passed on April 16, 2025, the Bill was returned to Parliament by President Ruto with reservations.
It was passed a second time by the National Assembly on June 3, 2025, with amendments that fully addressed the President’s concerns.
Ten Acts of Parliament have been amended to address technical compliance deficiencies flagged by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF).
The amended laws are: The Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A); the Prevention of Terrorism Act (Cap. 59B); the Betting, Lotteries and Gaming Act (Cap. 131); the Retirement Benefits Act (Cap. 197); the Mining Act (Cap. 306) and the Sacco Societies Act (Cap. 490B);
Others include: the Accountants Act (Cap. 531); the Estate Agents Act (Cap. 533); the Certified Public Secretaries of Kenya Act (Cap. 534); and the Public Benefits Organizations Act (No. 18 of 2013).
The introduction of enhanced regulatory clarity and oversight in sectors such as real estate and mining is expected to significantly boost investor confidence and attract foreign direct investment.
On the other hand, the Insurance Professionals Bill establishes a comprehensive legal framework to regulate the insurance industry.
It aims to improve service standards, strengthen accountability, and address professional misconduct in the sector.
The legislation introduces a bottom-up registration regime for insurance professionals, heralding a new era in insurance regulation.
The law also mandates the formation of a Registration Committee responsible for receiving applications, issuing practising certificates, monitoring compliance with quality assurance standards, and recommending disciplinary enquiries when necessary.
It establishes the Insurance Institute of Kenya, governed by a council as the lead professional organisation overseeing the conduct and standards of insurance practitioners.
Furthermore, the Insurance Professionals Examinations Board will be responsible for administering professional examinations.
