The amount of cash stashed by wealthy Kenyans in foreign accounts increased in 2017 despite spirited efforts by the government to have the assets returned to Kenya.
Money hidden by Kenyans in Swiss accounts grew by 4.3 per cent to Swiss francs 950 million (Sh96 billion) last year, up from 911.4 million (Sh92.1 billion) in the previous year, Business Daily reports.
The new amount, which can fund the setting up of three equivalents of Thika superhighway, was disclosed in a new report by the Switzerland’s central bank, Swiss National Bank (SNB).
The Sh96 billion include deposits from Kenyans and fiduciary liabilities held in Swiss banks in trust on behalf of Kenyans.
Recently, Kenya and Switzerland signed an agreement for the reclamation of cash and property acquired through proceeds of graft and hidden abroad.
The pact was inked by President Uhuru Kenyatta and his Swiss counterpart, Alain Berset during his two-day official visit to Kenya two weeks ago.
“We have seen, in the last few months, a new intensity in the fight against corruption in Kenya. Quite frankly, my administration has shown that corruption cannot, and, will not, be tolerated,” President Kenyatta said after signing the deal at State House, Nairobi.
“We have seen, in the last…
“We have seen, in the last few months, a new intensity in the fight against corruption in Kenya. Quite frankly, my administration has shown that corruption cannot, and, will not, be tolerated,” President Kenyatta said after signing the deal at State House, Nairobi. ASs the president says that, Swiss Bank says more billions are finding way from Kenya to their Bank! What corruption and looting of tax payers money are we talking about?
Fighting Corruption in KENYA…
Fighting Corruption in KENYA is like Fighting Illegal Immigration in the US. Both Wars SEEM Political, Hogwash, and Bridges to Nowhere. Just Hot Air.
Are wealthy Kenyans stashing…
Are wealthy Kenyans stashing the money they have legitimately earned or gained through shaddy deals with gova? Have they honestly earned this money through honest means and now do not want to be taxed for it because they know it will end up in the pockets of a few?
obviously no one knows about…
obviously no one knows about future of nation like Kenya despite fake handshakes that benefit few…..
Banking cash in foreign banks is not illegal after…..what people are worried is about future generations…and their money…