NAIROBI, KENYA: Holders of unclaimed assets have until Sunday to submit reports to the Unclaimed Financial Assets Authority (UFAA). Section 33 of the Unclaimed Financial Assets Act provides for penalties for failure to remit unclaimed funds and reports to the authority. The Authority commenced receiving unclaimed financial assets from holders six years ago and reuniting the unclaimed financial assets process with beneficiaries in 2016. The management attributed the slow pace to the Unclaimed Financial Assets (UFA) Regulations, 2016 which do not support the reunifications. According to the latest financial report from the Unclaimed Financial Assets Authority (UFAA), the total value of unclaimed assets held by the State stands at Sh13.3 billion as at the end of September 2020, up from Sh10 billion recorded in 2018.

Source: Standard Digital October 27, 2020 08:15 UTC