Attorney General Kihara Kariuki Cornered Over Ksh5 Trillion Hidden Abroad
Attorney General Kihara Kariuki is on the spot over suspicious Ksh5 trillion that is hidden in overseas accounts.
Nominated MP Godfrey Osotsi, in a statement filed in the National Assembly on Monday, asked the AG to reveal the identities of the owners of the accounts.
The legislator also wants Kihara to give an update on the steps that the government has taken to recover the money.
“The AG should provide the latest update on undisclosed funds in foreign bank accounts including in Switzerland, Japan and United Kingdom as well as the interest earned,” he stated.
A 2018 research by the National Bureau of Economic Research revealed that wealthy Kenyans are hiding Ksh5 trillion abroad.
The report also stated that the individuals, who form the cream of Kenya’s wealthiest, mostly use the offshore accounts to hide ill-gotten trillions, evade taxes and steer clear of Kenyan laws.
If recovered, the money could fund Kenya's budget for two years.
President Uhuru Kenyatta in 2018 met Swiss President Alain Berset to discuss how proceeds of crime hidden in Switzerland would be repatriated.
Speaking after the signing of the deal, the President of the Swiss Confederation told journalists that the agreement would expedite the recovery of proceeds of crime stashed in his country.
“I’m extremely pleased that we’ve signed this framework. This framework will allow Switzerland to return financial assets that have been blocked for example in the Anglo-Leasing case,” he stated during a joint media briefing after signing of the pact.
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