Effort Underway in Kenya to Enact Unclaimed Property Laws

Does your company have operations, assets, suppliers or vendors in Kenya? An effort is currently underway in Kenya to enact an unclaimed property scheme similar to the programs that U.S. states operate today. The terminology in the bill should be familiar to professionals in this area: holders, owners, last apparent address.

The Unclaimed Financial Assets Bill would require classes of property, such as wages, credit memos, gift cards, safe deposit boxes, bank accounts and life insurance proceeds, to be reported to a newly created Unclaimed Financial Assets Authority. Property is presumed abandoned if it has not been previously paid to an owner with a last apparent address in Kenya. Holders would be required to perform due diligence before reporting property to the Authority.

Section 14(6) even provides for an exemption for closed-loop gift certificates.

PDF: Full Text of Unclaimed Financial Assets Bill