By Dorothy Musyoka
The National Assembly has officially withdrawn the Unclaimed Financial Assets (Amendment) Bill, 2024 (National Assembly Bill No. 15 of 2024) following a request from the Leader of the Majority Party, Hon. Kimani Ichung’wah.
Speaker of the National Assembly, Hon. Moses Wetangula, made the announcement during the parliamentary session on Wednesday, March 5, 2025.
He cited a letter from Hon. Ichung’wah dated February 27, 2025, requesting the withdrawal to allow for a more comprehensive review of the principal Act.
The Bill, which had advanced to the Committee of the Whole House, sought to allow owners or claimants of unclaimed financial assets to designate payments to another person.
However, the Unclaimed Financial Assets Authority (UFAA), in its submission to the Departmental Committee on Finance and National Planning, indicated that it was working on broader amendments to the principal Act.
The Authority requested that the current proposals be stayed for potential inclusion in the comprehensive review.
“In the letter dated 27th February 2025, the Leader of the Majority Party , in their submission to the Departmental Committee on Finance and National Planning, the Unclaimed Financial Assets Authority (UFAA), indicated that the authority was in the process of proposing comprehensive amendments to the principal Act. In this regard, the Authority requested stay of the current proposals for possible inclusion in the broader amendments to be proposed,” stated Speaker Wetangula.
In accordance with Standing Order 140, the Speaker noted that a Bill’s sponsor may withdraw it at any stage without prior notice.
Hon. Wetangula confirmed that after considering the Leader of the Majority Party’s request, the Bill would be withdrawn immediately.
“I have acceded and hereby direct that the Unclaimed Financial Assets (Amendment) Bill, 2024, stands withdrawn forthwith,” he stated.
The decision allows UFAA to consolidate necessary changes into a single, streamlined legislative amendment, ensuring a more holistic approach to managing unclaimed financial assets in Kenya.
With the withdrawal, stakeholders will now await the Authority’s proposed amendments, which are expected to introduce broader reforms to the unclaimed financial assets framework.