(source: National Council for Law Reporting, Kenya Law Reports, www.kenyalaw.org)
Date of Assent: December 2nd, 2011
Commencement Date: December 11th, 2011
The bill seeks to facilitate the institution and implementation of an effective policy and regulatory framework for unclaimed financial assets.
The Unclaimed Financial Assets Act, 2011 provides a legislative framework for dealing with unclaimed financial assets, which are defined as: financial assets to which include any income, dividend or interest.
This act is aimed at establishing a dedicated mechanism and resources to help locate property owners and/or beneficiaries to facilitate claims. A financial asset is considered unclaimed when no claims have been made, no transactions have been performed or no instructions have been given with respect to the asset for a period of time.
The Simplified Version of the Act can be downloaded here: