The Ark Bookstore

QUOTE OF THE WEEK
ACT:PROCEEDS OF CRIME AND ANTI-MONEY LAUNDERING ACT SEC.3

MONEY LAUNDERING

A person who knows or who ought reasonably to have known that property is or forms part of the proceeds of crime and-
(a) enters into any agreement or engages in any arrangement or transaction with anyone in connection with that property, whether that agreement, arrangement or transaction is legally enforceable or not;
or
(b) performs any other act in connection with such property, whether it is performed independently or with any other person, whose effect is to-
(i) conceal or disguise the nature, source, location, disposition or movement of the said property or the ownership thereof or any interest which anyone may have in respect thereof; or
(ii) enable or assist any person who has committed or commits an offence, whether in Kenya or elsewhere to avoid prosecution; or
(iii) remove or diminish any property acquired directly, or indirectly, as a result of the commission of an offence,
commits an offence.