Unclaimed Financial Assets
Unclaimed property is any financial asset, usually intangible, being held for a person or entity that cannot be found. Unclaimed property not only includes dormant bank accounts, unclaimed security deposits, unclaimed shares of stock, or uncashed dividend cheques,but may also include unused gift certificates of gift cards, unused rebates and customer credits, accounts receivable, uncashed vendor cheques, and various types of credits reflected on the books and records of a company.
ILA has been working with partners including the Unclaimed Property Assets Register (UPAR), ABANTU for Development, World Vision Kenya, and the National Council for Women of Kenya (NCWK) to provide the country with a solid framework to cater for unclaimed assets by providing for a system of notification or reminders to potential unclaimed financial asset owners and the disclosure or publication of unclaimed financial assets. This is being done through the drafting and advocating for the passage of the Unclaimed Financial Assets Bill (2011)
ILA also worked with Hon Lekuton to draft and lobby for the enactment of the Unclaimed Financial Assets Act which was adopted and underwent its 1st reading on the 10th of May in
2011. This Act provides a platform for reporting and dealing with unclaimed financial assets, establishes the Unclaimed Assets Authority and the Unclaimed Financial Assets Trust Fund that would enable smooth running and facilitation of dealing with unclaimed assets. ILA’s Chief Executive Officer is currently the Chair of the Unclaimed Assets Authority.
The impact of the Unclaimed Financial Assets project that was conducted in 2010, that led to the review and enactment of the
Unclaimed Financial Assets Act, is currently being seen all over the country.
Companies are complying with the Act and giving notices on unclaimed property