Ruto Signs Key Law Ahead Of Africa Climate Summit

President William Ruto on Friday, September 1 assented to law the Climate Change (Amendment) Bill (National Assembly Bill No. 42 of 2023) ahead of the inaugural Africa Climate Summit.

The Climate Change Bill, according to a statement from State House communication, amends the Climate Change Act, of 2016, providing for the regulation of the carbon markets besides enhancing response to climate change.

It provides transactions in carbon trading as carried out under the Act, and reduces greenhouse gas emissions.

The Cabinet Secretary, it adds, can enter into a bilateral or multilateral agreement to trade carbon for emission reductions and removals with the approval of the Cabinet.

President William Ruto assents to the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill, 2023, into Law at State House Nairobi on Friday, September 1, 2023. /PCS

The Bill has also been amended to empower the Climate Change Council to provide guidance and policy direction on carbon markets to the national and county governments, the public and other stakeholders.

The Climate Change Bill has further been amended to regulate the share of proceeds and cancellation rates and compels the national and county governments to undertake best practices.

The Africa Climate Summit is set to be held at the Kenyatta International Convention Centre (KICC) in Nairobi from September 4 to September 6.  

Kenya will, in partnership with the African Union (AU), host 17 Heads of State who will fly into the country ahead of the summit, whose budget is projected to exceed Ksh1 billion.

Ruto Signs Anti-Money Laundering Bill Into Law

Ruto also signed the Anti-Money Laundering and Combatting of Terrorism Financing Laws Amendment Bill, 2023 which amends the Extradition (Contiguous and Foreign Countries) Act (Cap 76) and the Extradition (Commonwealth Countries) Act (Cap. 77)

"The new law will help address deficiencies limiting the fight against money laundering and terrorism in the country. It allows for the surrendering of a fugitive criminal who consents to be extradited to a requesting State.

"It also grants the Financial Reporting Centre operational independence by excluding it from the definition of a State Corporation," State House revealed.

Furthermore, the Capital Markets Authority (CMA) has been empowered to enforce the compliance of its licensees with the laws on anti-money laundering and combating terrorism financing and proliferation financing.

Under the new development, the Insurance Regulatory Authority now has the power to enforce the compliance of its licensees with the laws on anti-money laundering and combating terrorism financing and proliferation financing.

It will also harmonise the licensing regime under the Act with the Financial Action Task Force (FATF) Standards.

The Central Bank of Kenya (CBK) will supervise financial institutions and agents of reporting institutions.

The Bill has included the laundering of the proceeds of corruption under the definition of “economic crime”.