News

Holders of Unclaimed Financial Assets have been urged to surrender them to the rightful owners or the Unclaimed Financial Assets Authority (UFAA).
The National Treasury Principal Secretary, Dr. Kamau Thugge, said UFAA has been mandated to receive all unclaimed financial assets and to carry out inspection of financial assets to ensure accurate reporting.
Dr. Thugge further said all relevant information on unclaimed assets should be submitted to UFAA which is the custodian so that the Authority could locate and notify the owners of the surrendered financial assets.


The Principal Secretary was speaking at Kenyatta International Convention Centre (KICC) during the official launch of the Unclaimed Financial Assets Authority.
He said the 14 core duties of UFAA calls for trust, selflessness, integrity, fidelity and honest, adding that the board, management and UFAA staff should execute their demanding work effectively.
Dr. Thugge said the UFAA structure and framework are supported by four pillars namely mandatory control, accounting and reporting obligations on holding entities; indefinite right of reunification for owners; mandatory legal framework; and provision for investment of Unclaimed Financial Assets for long-term socio-economic development.
The UFAA, the Principal Secretary said, has recorded tremendous achievements and growth which include the enactment of UFAA Act in 2011, the establishment and staffing of the Authority, and development of regulations currently before Parliament.
“The taskforce which worked on the legal and regulatory framework, and consequently the creation of the regulatory agency, and the inauguration on March 19, 2008 deserve commendation for their outstanding work”, he added.
The task force members were drawn from key regulatory bodies, including the Central Bank of Kenya, the Insurance Regulatory Authority, the Capital Markets Authority, the Retirement Benefits Authority, the Commissioner of Cooperatives, and the Consultants – Unclaimed Property Assets Register (UPAR).
“UFAA has come of age with a fully functional board of directors, Chief Executive and staff”, said Dr. Thugge.

======================================= E N D =========================================