@BusinessDaily

Lawyers oppose bid to disclose client deals

3 months ago, 16 Maý 16:52

By: Galgallo Fayo

Lawyers have opposed a new law requiring them to start reporting details of client transactions to the Financial Reporting Centre.

The proposed amendment to the Anti-Money Laundering Act which became law in 2010 puts obligations on accountants, financial institutions, advocates, notaries, and other independent legal professionals.

Some of the situations identified in the Act that requires reporting are buying and selling of real estate; managing of client money, securities or other assets; management of bank, savings or securities accounts; organisation of contributions for the creation, operation or management of companies.

But the lawyers argue that it infringes on their clients’ confidentiality and privacy.

The Law Society of Kenya Chair Mr Allen Gichuhi says the body “is opposed to the amendment” adding that LSK is getting views from members to write a comprehensive memorandum to Parliament.

The Act which took effect in June 2010 was enacted to provide mechanisms for detecting and seizing proceeds of money laundering by establishing a centre where financial institutions and individuals report suspicious transactions.

But it is the latest proposal that has now worried lawyers, who feel that the new amendment will expose them to the risk of being accused of being accomplice or in some worst cases stand as witness against their clients.


Read More


Category: business corporate news lifestyle markets economy opinion

Suggested

5 hours ago, 22:16
@BusinessDaily - By: James Kariuki
Scandal-hit NYS made parastatal with board

Parliament cut funding for the NYS after the two corruption scandals there. ...

Category: business economy news
9 hours ago, 18:23
@CITIZENTV - By: Dennis Otieno
Maize farmers call for state support to stabilize prices

Maize farmers call for state support to stabilize prices ...

Category: topnews news business
10 hours ago, 17:46
@BusinessDaily - By: John Mutua
Appliance maker Bosch picks Nairobi as regional hub

Bosch Appliances, however, did not disclose the cost of setting up the Oval House showroom which currently has three workers. ...

Category: business news corporate
9 hours ago, 18:23
@CITIZENTV - By: Citizen
Superior Homes to open tourist lodge

Superior Homes to open tourist lodge ...

Category: topnews news business
15 hours ago, 12:52
@TheEastAfrican - By: Bernard Busuulwa
Uganda keeps key lending rate unchanged at 9pc

Bank of Uganda keep central bank rate at 9pc to spur credit growth. ...

Category: topnews news business
11 hours ago, 16:18
@BusinessDaily - By: Geoffrey Irungu
Low State expenditure pushes up interbank lending rates

The highest amount of Sh14.72 billion was transacted on Wednesday when the rate reached a high of 9.5 per cent at some point, but averaged 8.14 per cent for the whole day. ...

Category: business news economy lifestyle markets opinion corporate

@BusinessDaily

Lawyers oppose bid to disclose client deals

3 months ago, 16 Maý 16:52

By: Galgallo Fayo

Lawyers have opposed a new law requiring them to start reporting details of client transactions to the Financial Reporting Centre.

The proposed amendment to the Anti-Money Laundering Act which became law in 2010 puts obligations on accountants, financial institutions, advocates, notaries, and other independent legal professionals.

Some of the situations identified in the Act that requires reporting are buying and selling of real estate; managing of client money, securities or other assets; management of bank, savings or securities accounts; organisation of contributions for the creation, operation or management of companies.

But the lawyers argue that it infringes on their clients’ confidentiality and privacy.

The Law Society of Kenya Chair Mr Allen Gichuhi says the body “is opposed to the amendment” adding that LSK is getting views from members to write a comprehensive memorandum to Parliament.

The Act which took effect in June 2010 was enacted to provide mechanisms for detecting and seizing proceeds of money laundering by establishing a centre where financial institutions and individuals report suspicious transactions.

But it is the latest proposal that has now worried lawyers, who feel that the new amendment will expose them to the risk of being accused of being accomplice or in some worst cases stand as witness against their clients.


Read More

Category: business corporate news lifestyle markets economy opinion

Suggested

5 hours ago, 22:16
@BusinessDaily - By: James Kariuki
Scandal-hit NYS made parastatal with board

Parliament cut funding for the NYS after the two corruption scandals there. ...

Category: business economy news
9 hours ago, 18:23
@CITIZENTV - By: Dennis Otieno
Maize farmers call for state support to stabilize prices

Maize farmers call for state support to stabilize prices ...

Category: topnews news business
10 hours ago, 17:46
@BusinessDaily - By: John Mutua
Appliance maker Bosch picks Nairobi as regional hub

Bosch Appliances, however, did not disclose the cost of setting up the Oval House showroom which currently has three workers. ...

Category: business news corporate
9 hours ago, 18:23
@CITIZENTV - By: Citizen
Superior Homes to open tourist lodge

Superior Homes to open tourist lodge ...

Category: topnews news business
15 hours ago, 12:52
@TheEastAfrican - By: Bernard Busuulwa
Uganda keeps key lending rate unchanged at 9pc

Bank of Uganda keep central bank rate at 9pc to spur credit growth. ...

Category: topnews news business
11 hours ago, 16:18
@BusinessDaily - By: Geoffrey Irungu
Low State expenditure pushes up interbank lending rates

The highest amount of Sh14.72 billion was transacted on Wednesday when the rate reached a high of 9.5 per cent at some point, but averaged 8.14 per cent for the whole day. ...

Category: business news economy lifestyle markets opinion corporate
Our App