The National Treasury established a Technical Working Group to supervise the recovery of Sh57 billion in unclaimed financial assets, which include cash and investments and dormant holdings that the Government Securities system controls. The initiative seeks to achieve two objectives, which involve creating better asset management systems and showing transparent results to help find missing assets and their rightful owners.
The inter-agency task force, which Treasury Principal Secretary Chris Kiptoo established on Tuesday, serves as an essential project for the nation to develop unclaimed assets that have remained inactive at the Unclaimed Financial Assets Authority (UFAA). The group needs to create a national policy framework that will help organizations find dormant funds and handle them until they reach their rightful recipients.
Kiptoo declared that the Central Bank holds unclaimed assets, which include government securities, because these assets belong to Kenyans or their estates. He asked for quick solutions that would remove the legal and operational barriers that have prevented asset reunification.
The Technical Working Group will focus on three main areas, which include developing better compliance systems and using digital tools to find assets and creating better coordination between government agencies and financial institutions and regulatory authorities. The policy blueprint aims to enhance transparency while establishing public trust in how unclaimed funds get managed.
The Sh57 billion in unclaimed assets includes dormant cash deposits, safe-deposit box contents, unclaimed dividends, and other financial holdings that were transferred to UFAA after holders failed to claim them within mandated timeframes. The authorities will implement digitized tracking and simplified claim processes to assist Kenyans in tracing their unawareness assets after the policy reaches its completion.
Leave a Reply