Kenya has recently enacted the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Act, No. 10 of 2023 (“the Amendment Act”). This Amendment Act was assented by the President on 1 September 2023 and given a commencement date of 15 September 2023. We should emphasise that this commencement date impacts the applicability and enforcement of the provisions contained in the Amendment Act.
The Amendment Act amends various laws relating to anti-money laundering and combating of terrorism and proliferation financing. It seeks to address deficiencies limiting the fight against money laundering and terrorism in the country.
Among the laws amended are the Companies Act, No.17 of 2015 (“the Act”) which governs the incorporation, registration, operation, management, and regulation of companies in Kenya. The changes mainly relate to the disclosure of information relating to beneficial ownership and control of companies operating in Kenya, powers of the Registrar of Companies (“the Registrar”) in relation to inactive or non-compliant companies, maintenance of certain key records, and introduction of the role of a contact person for certain companies. The changes should address various gaps in the law while providing additional clarity and resolving certain administrative matters.
We have summarised the key changes made to the Act here.
