Kenya has been ranked second globally in the amount of cash stashed in tax havens relative to the Gross Domestic Product (GDP).
A study carried out by United States’ National Bureau of Economic Research shows that the amount of wealth hidden in offshore accounts by Kenyans is close to 70 percent of the country’s GDP.
The American private nonprofit research organization puts Kenya’s looted funds and investments abroad at a staggering 49 billion US dollars.
The United Arab Emirates (UAE) is ranked first globally with 73 percent corruption proceeds stashed in foreign countries.
Kenya’s ranking is alarming high considering that the world’s average of stolen funds vis-a-vis the GDP stands at 9.8 percent.
Other countries in the top 10 list of funds stashed in offshore accounts include Venezuela, Zimbabwe, Saudi Arabia, Russia, Israel, Senegal, Argentina and Greece.
Countries with highest looted public funds abroad in billion dollars include US (1058), Russia (609), Germany (551.8), Britain (498.2), and France (409.3) but the amount of these countries’ cash hidden overseas is significantly lower vis-à-vis their GDPs.
Currently, there is an active tax amnesty announced by the government for Kenyans with cash and assets stashed abroad to repatriate them.
If the United States’…
If the United States’ National Bureau of Economic Research knows where the money is stashed, it need to give that information to Kenya right away so that the money can be repatriated. Otherwise, it serves no purpose just to say so much is stashed abroad and you do not disclose where. Surprise, surprise! The US, Germany, and Britain are on the list.
Hehe money repatriated the…
Hehe money repatriated the money to whom or where? The thieves are Kenya and Kenya is them. I say freeze the money and use it to aid the needy via reputable NGOs at worse use it to pay off the so called aid
No news here.
No news here.
There has to be a way to…
There has to be a way to bring back this colossal amount of hard cash .
No surprises here, but why…
No surprises here, but why are we being done this by our same people that we elected????
Bure kabisa, we know the…
Bure kabisa, we know the thugs Kidero, ruto, Uhuru, Raila, mwilu and others freeze this people’s assessts and money we are tired of going told everyday how much billions have been stolen and stashed away. Put it back where it belongs central bank and let the common mwananchi get relief from all these taxes & government debt
freeze all the money back to…
freeze all the money back to the country to help millions to benefit it rather than to stay in bank while pple are perishing . This is happening coz of bad rule we need change .
Hehehehe how can this…
Hehehehe how can this western world brings the cash back yet they benefit from this stollen cash.Thats how such countries like them especially Switzerland survives??If they return what about the interests they have made from this stollen hidden cash??Yet the westerners talks about impunity n corruption yet them n their pple r benefiting from it??Mmmmmh hypocrites.Kenyan gava needs to give amnesty so all of this thieves can bring the cash back then iziendee mosmos n when this cash is in the country it will start to circulate n we won’t need any loans at all.Actually we might start giving Aid to majuu countries.