President William Ruto has signed the Anti-Money Laundering and Countering of Terrorism Financing Laws (Amendment) Bill, 2025.
He has also signed the Insurance Professionals Bill 2024 into law on Tuesday, June 17, 2025, at the State House, Nairobi.
According to the State House Deputy Chief of Staff, Josephat Nanok, the signing comes after the National Assembly approved the bills on June 3, 2025.
“With both houses of parliament having dutifully discharged their legislative mandate, it is now your prerogative as head of state and government to graciously exercise the powers conferred upon you under Article 115 of the constitution and assent to these two bills,” he declared.
Speaking during the signing, Nanok stated that the bill aims to amend ten Acts of Parliament to address technical compliance gaps identified by the Eastern and Southern African Anti-Money Laundering Group (ESAALG) and the Financial Action Task Force (FATF).
The Bill
These acts include the Proceeds of Crime and Anti-Money Laundering Act (Cap. 59A), which amendment seeks to appoint a Director General as the head of the Asset Recovery Agency, aligning it with other investigative bodies. The Prevention of Terrorism Act (Cap. 59B) defines “terrorism financing,” explicitly including the collection or provision of funds, property, and services for terrorist acts, as well as the financing of travel for terrorism purposes, as offences.
The Betting, Lotteries and Gaming Act (Cap. 131) that Bill seeks to empower the Betting Control and Licensing Board to regulate and supervise entities within its jurisdiction for anti-money laundering, counter-terrorism financing, and counter-proliferation financing. The Retirement Benefits Act (Cap. 197) aims to strengthen the mandate of the Retirement Benefit Authority to regulate, supervise, and enforce compliance among entities under its watch in the fight against money laundering, terrorism financing, and proliferation financing.
The Mining Act (Cap. 306); the Sacco Societies Act (Cap. 490B490B), whichowering the Sacco Societies Regulatory Authority; the Accountants Act (Cap. 531), which empowers the Institute of Accountants; the Estate Agents Act (Cap. 533), which empowers the Estate Agents Registration Board, the Institute of Certified Public Secretaries Act, the Certified Public Secretaries of Kenya Act (Cap. 534); and the Public Benefits Organizations Act (No. 18 of 2013) by empowering the Public Benefits Regulatory Authority to oversee and monitor public benefit organizations that are at risk of terrorism financing in Kenya.
Furthermore, he stated that the Bill closes long-standing loopholes that have facilitated illicit financial flows through property transactions and the misuse of shell companies.
“The legal reforms embedded in the bill reaffirm Kenya’s standing as a leader in financial integrity while significantly enhancing the country’s reputation and credibility within the global regulatory ecosystem,” he said.
“The enactment of this bill marks a decisive stride in fortifying our country’s financial architecture against illicit financial laws.”
Ruto had earlier signed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023, into law, but he returned it to parliament for further amendments.
This comes days after Kenya was listed by the European Commission, the primary executive arm of the European Union (EU), as a high-risk country for money laundering and terrorism financing.
The Insurance Professionals Bill 2024
The Insurance Professionals Bill 2024 has been enacted into law, which aims to establish a comprehensive legal framework for regulating and professionalising the insurance sector to enhance service standards, strengthen accountability, and address professional misconduct.
Nanok stated that the bill marks a new era in the regulation of insurance practice by creating a structured registration regime from the bottom up.
“The mandate of the proposed registration committee includes processing applications, issuing practising certificates, monitoring compliance with standards and recommending disciplinary inquiries where necessary,” he stated.
The bill establishes the Insurance Institute of Kenya as the apex professional body tasked with regulating ethical conduct and upholding the quality of service offered by insurance professionals
