The National Assembly has officially withdrawn the Unclaimed Financial Assets (Amendment) Bill of 2024, following a request by the Leader of the Majority Party, Kimani Ichung’wah.
Speaker of the National Assembly, Moses Wetang’ula, announced the withdrawal after receiving formal correspondence from Ichung’wah, citing the need for a broader review of the legislation.
The Bill, published on March 8, 2024, sought to allow owners or claimants of unclaimed assets to designate payments to third parties.
It had progressed to the Second Reading stage on November 28, 2024, and was awaiting further consideration.
According to Wetang’ula, the Unclaimed Financial Assets Authority (UFAA) had informed the Departmental Committee on Finance and National Planning that it was in the process of drafting comprehensive amendments to the principal Act.
As a result, the authority requested a suspension of the current proposals to allow their inclusion in the wider legislative reforms.
"In light of this request and in accordance with Standing Order 140, which allows a member in charge of a Bill to withdraw it at any stage, I have approved the withdrawal of the Unclaimed Financial Assets (Amendment) Bill with immediate effect," Wetang’ula stated.The move signals an upcoming overhaul of the Unclaimed Financial Assets framework, with expectations that the UFAA will table more extensive amendments in due course.
