RUTO SEALS TOUGH LAWS TO FIGHT DIRTY MONEY , CLEAN UP INSURQANCE SECTOR

President William Ruto has signed into law two key financial reform bills aimed at strengthening Kenya’s regulatory framework and enhancing transparency in the financial and insurance sectors.

The two laws, the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act, 2025 and the Insurance Professionals Act (National Assembly Bill No. 13 of 2024), were signed on June 17, 2025, at State House, Nairobi.

The Anti-Money Laundering Act was passed by the National Assembly on April 16, 2025. It amends ten laws to address compliance gaps identified by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) and the Financial Action Task Force (FATF). The targeted laws include the Proceeds of Crime and Anti-Money Laundering Act, the Prevention of Terrorism Act, the Sacco Societies Act, the Betting, Lotteries and Gaming Act, and the Mining Act, among others.

The Act seeks to curb illicit financial flows, terrorism financing, and the misuse of shell companies and property transactions. It aims to bring Kenya’s anti-money laundering regime in line with international standards.

Also signed into law was the Insurance Professionals Act, which establishes a legal framework for regulating insurance practitioners. The law is designed to enhance service standards, promote professionalism, and address cases of misconduct in the insurance industry.

The signing ceremony was attended by key officials including National Assembly Speaker Moses Wetangula, Majority Leader Kimani Ichung’wah, Solicitor-General Shadrack Mose, and Finance Committee Chairperson Kuria Kimani.

The two new laws are part of the government’s wider effort to reinforce Kenya’s standing as a regional leader in financial integrity and investor confidence.