Enhancing regulatory clarity through insights on retroactive and retrospective applications of the unclaimed financial asset act in Kenya

Abstract

This study delves into Kenya’s Unclaimed Financial Assets Act, examining its retrospective application in finance. While grounded in English Common Law, the Act faces hurdles in reporting and compliance due to its retroactive nature. Through analysis, it uncovers limitations and stresses stakeholder involvement, regulatory clarity, interpretation flexibility, and education for compliance. Its insights benefit policymakers and stakeholders grappling with unclaimed financial assets in Kenya’s regulatory evolution.