Further, the banking sector weakened significantly and several banks collapsed. The poor and vulnerable persons were hit hard, as the price of essential commodities rose significantly. Allowing illicit funds to move back freely will have comparable effects. 8  Hon. Members, I am about to finish. As I mentioned earlier, these matters have been brought before the courts for determination.
A Petition was filed on November 30, 2018 (High Court of Kenya at Nairobi Constitutional Petition No. 426 of 2018) challenging Section 65 of the Finance Act 2018 that introduced Section 33(C) of the Banking Act. The Attorney General is the first respondent and the National Assembly is the second respondent, while the Central Bank of Kenya is the first interested party.