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Cash stashed in a suitcase THE STAR
Kenya Emerges No. 2 Globally in Stolen Funds
- Kenya has emerged number two globally in the amount of money hidden in tax havens relative to the Gross Domestic Product (GDP).According to a study by the National Bureau of Economic Research, Kenya’s wealth in tax havens totals to nearly 70% of the country’s GDP.The study puts the country’s looted funds stashed in offshore accounts and investments at $49 billion.
The study by the National Bureau of Economic Research The United Arab Emirates (UAE) tops the global list with 73% corruption proceeds hidden abroad.
With the World’s average of looted funds vis-a-vis the GDP standing at 9.8%, Kenya’s ranking is quite alarmingly high.
Other countries in the top 10 list according to the report are Venezuela, Zimbabwe, Saudi Arabia, Russia, Israel, Senegal, Argentina and Greece.
Countries with significant stolen public funds abroad include in billion dollars include USA (1058), Russia (609), Germany (551.8), Britain (498.2), and France (409.3).
However, the portion of these countries’ looted resources is significantly lower relative to their GDP.
In late July, President Uhuru Kenyatta and his Swiss counterpart Alain Berset agreed on a framework on asset recovery on funds stashed offshore in Swiss, Britain and the Islands of Jersey.
Uhuru has in past expressed his commitment to fighting corruption in the second term of his presidency as he focuses on accomplishing his legacy project, the Big Four Agenda.
Uhuru Kenyatta and Switzerland President Alain Berset at State House Earlier in July 2017, the Head of State used the proceeds recovered from Smith & Ouzman Chickengate Scandal to buy ambulances to be used in different counties.
