Government boosts Unclaimed Financial Assets Authority in carrying out its mandate

The Government through the Ministry of Interior and National co-ordination will work closely with the Unclaimed Financial Assets Authority in carrying out its mandate of locating unclaimed financial assets and re-uniting them with the legal beneficiaries.

This is after the government commenced training and empowerment of officers from the Interior Ministry across the country.

Speaking in Nakuru during a similar training for the South Rift Region officers on the same, immediate former Rift Valley regional commissioner Mongo Chimwanga who is now serving under-secretary Office of the President revealed quite substantial amount of money that the Authority has recovered from various financial institutions.

Chimwanga was however quick to note that the there has been a challenge in locating the legal owners due to particulars that have been provided.

“There has been a challenge in locating the legal owners due to particulars that have been provided” said Chimwanga.

The ongoing training in various regions in the country is targeting the Deputy County commissioners.And according to Chimwanga, the DCCs will then help in relaying the information down to the citizens at grassroot level.

Members of the public and media have also been urged to play critical role in helping the government and the authority in locating the legal owners of the unclaimed financial assets.

“This training is targeting the DCCs but it is also for all of us including members of the public and the media so that we can help trace the legal owners” said Chimwanga.

Already Unclaimed Financial Assets Authority has stopped about Ksh13 billion worth financial assets.Chimwanga says these financial assets have not been claimed since the particulars given are not full hence the authority is unable to locate the legal owners.

He called on members of the public who have lost their loved ones but are unable to trace their financial assets to check up with the authority or report to the officers of the interior Ministry.

“Already the Authority has stopped Ksh13 billion whose particulars are not full” he said.

The Unclaimed Financial Assets Authority (UFAA) is an Authority created under the Unclaimed Financial Assets Act, No. 40 of 2011 to administer unclaimed financial assets.

The primary mandate of the Authority is to receive unclaimed financial assets from the holders of such assets, safeguard and re-unite the assets with their rightful owners.

PHOTO/Pristone Mambili:Deputy County Commissioners from South Rift Region during a training in Nakuru on Thursday organized by Unclaimed Financial Assets Authority in collaboration with the National government.