On the vexed issue of the unclaimed assets authority, ministry has goofed
According to the new law, any asset that has been unclaimed for three years, including dormant bank accounts, jewellery and gold kept in safe deposit boxes, and unclaimed dividends, have to be surrendered to the authorities.
The irony is that even as the time keeps ticking away to the November 1 deadline, and though the money at stake runs into billions of shillings, the Unclaimed Assets Authority is not yet in place.
The board has not been appointed and neither has the chief executive. Why is the government putting the cart before the horse by gazetting the effective date of the new law before putting in place even a rudimentary mechanism for executing it?
You don’t start building a house from the roof. In implementing the Unclaimed Assets Act, the Ministry of Finance has completely missed the plot.