Ever wondered where all the money corrupt leaders steal from us go?Well the government is handling that issue for you in recovery of assets that have been hidden in foreign states.
Kenya and Jersey have established a framework to repatriate billions of assets acquired illegally and stashed in the island nation a crown dependency of the United Kingdom.
Attorney General Kihara Kariuki and Jersey’s External Relations minister Ian Gorst signed the deal, which ensures proceeds of graft originating from Kenya are ploughed back to the economy.
Gorst exuded confidence the Framework for the Return of Assets from Corruption and Crime to Kenya (FRACCK) will also stem illicit financial flows from Kenya.
“This agreement represents a significant achievement that will assist in confiscating and return of stolen assets to Kenya. It is hoped that this example of cooperation between Kenya alongside its partners Switzerland, the UK and Jersey will act as a template for broader international community,” he said.
In March last year, Jersey and Kenya signed an agreement for the return of more Sh380 million in assets recovered from former Cabinet minister Chris Okemo and ex-Kenya Power boss Samuel Gichuru.
The assets were recovered by the Royal Court of Jersey after Windward Trading Limited Company, which was at the centre of the scandal, pleaded guilty to four counts of money laundering.
“The agreement is the latest step taken by both governments to secure the return of the funds, which were confiscated by the Royal Court of Jersey in February 2016, after defendant company Windward Trading Limited pleaded guilty to four counts of laundering the proceeds of corruption,” read statement from the British High Commission in Kenya in part.
During his visit, Senator Gorst held a series of Ministerial-level meetings with representatives from the Government of Kenya, including Treasury Cabinet Secretary Henry Rotich, Attorney General Paul Kariuki, and Principal Secretary of the Ministry of Foreign Affairs Macharia Kamau.
Discussions covered the breadth of Jersey’s relationship with Kenya, from collaboration in tackling financial crime, to regulatory cooperation and increasing cross-border trade and investment, including through a Double Taxation Agreement (DTA).
Kariuki said the government will use the recovered funds to steer the economy. “The recovered assets will be used to undertake identified development programmes which will be agreed upon by a steering committee comprising representatives from the participating countries,” he said.