NAIROBI, July 18 (Xinhua) -- The Kenyan government on Tuesday approved a draft bill on fighting against money laundering and the financing of terrorism by introducing tougher action against individuals guilty of economic crimes.

The bill allows the Financial Reporting Centre (FRC), a government institution, to impose sanctions for violations of the proceeds of crime. "If enacted by parliament, FRC, the anti-money laundering agency, will have the power to show the instances under which it might request for the revocation of a reporting institution's license," the presidency said in a statement issued in Nairobi, the capital of Kenya, after a cabinet meeting.

The bill is expected to impose stiff penalties on those found culpable in addition to identification, tracing, freezing, seizure and confiscation of the proceeds of crime.

Besides raising the cash transaction reporting threshold from 10,000 U.S. dollars to 15,000 dollars, the bill provides for the requirement for companies to keep a register of beneficial owners. - Xinhua