Monday, 4 June 2012

UNCLAIMED FINANCIAL ASSETS LAW(UFAL) 2011... In december of 2011 Kenya president Mwai Kibaki passed into the law the bill of unclaimed financial bill of 2011 . The law provides a legal framework for dealing with unclaimed financial assets. Did somebody in your family passed away but you did know that she/he had invested in stocks of certain company, you will have a chance to claim it through unclaimed financial assets authority. It believed that there are more than 200 billion of unclaimed assets held by banks and pension and insurance firms. The fund accumulated will be used by government until its reguired by the owners or the next of kin. This assets include money orders, cheques, drafts, demand and savings also include endowment insurance policies or annuties ownership of shares, stocks, or interest in a business assets also uncollected pension funds held by national security insurance funds. Although to date the minister for finance has no appointed those to sit in authority six months after the bill was passed. kenyans should be educated on the proçess they have to follow to shorten the inguiry of the late assets