Unclaimed Financial Assets (Amendment) Bill, 2024 withdrawn, Speaker says

𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐬𝐬𝐞𝐦𝐛𝐥𝐲 𝐂𝐡𝐚𝐦𝐛𝐞𝐫 
𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲, 𝟓𝐭𝐡 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟓

The Unclaimed Financial Assets (Amendment) Bill (National Assembly Bill No. 15 of 2024) sponsored by the Leader of the Majority Party, the Hon. Kimani Ichung’wah has been withdrawn following a request from the Leader of the Majority Party, Hon. Kimani Ichung’wah. 

The Bill, which sought to allow owners or claimants of unclaimed financial assets to designate payments to another person, had progressed to the Committee of the Whole House but will no longer proceed.

Speaker of the National Assembly, Hon. Moses Wetang'ula announced the withdrawal on Wednesday, 5h March 2025 citing a letter by the Leader of the Majority Party, Hon. Kimani Inchung'wa.

"In the letter dated 27th February 2025, the Leader of the Majority Party," adding that, "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 Wetang'ula. 

In accordance with Standing Order 140, the Speaker noted that a Bill’s sponsor may withdraw it at any stage without prior notice. 

Hon. Wetang'ula confirmed that after considering the Leader of the Majority Party’s request, the Bill would be withdrawn immediately.

"I have acceded to the request and hereby direct that the Unclaimed Financial Assets (Amendment) Bill (National Assembly Bill No. 15 of 2024) stands withdrawn forthwith," affirmed the Speaker