Kenya’s Parliament is advancing a new Trust Administration Bill aimed at cracking down on financial crime by exposing hidden ownership of assets held in trusts. The legislation, currently under consideration by the National Assembly, seeks to introduce stricter transparency rules and require detailed records of beneficial ownership. This move comes amid growing pressure from the Financial Action Task Force (FATF) to improve regulatory frameworks against money laundering and illicit financial flows.
The bill would mandate that trusts disclose who ultimately controls or benefits from their assets, making it harder for individuals or entities to conceal wealth through complex legal structures. It also proposes enhanced oversight of trustees, ensuring they adhere to higher standards of accountability. The measure is seen as a response to increasing concerns over the misuse of trusts for illicit activities, including corruption and tax evasion.
While the bill focuses on legal and financial transparency, it has not yet sparked significant public debate. However, it signals a broader shift in Kenya’s approach to financial regulation, aligning with international standards and addressing long-standing gaps in the country’s legal system.
