Kenya, Switzerland Sign Deal for Recovery of Assets Stashed Abroad

Kenya and Switzerland have entered into an agreement for recovery of funds and assets acquired through corruption and stashed in Switzerland.

The deal, dubbed Framework for the Return of Assets from Corruption and Crime in Kenya (FRACCK), was signed on Monday by President Kenyatta and his Swiss counterpart Alain Berset.

“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,” Kenyatta said.

The first property targeted under the new pact are funds and assets linked to the multi-billion Anglo-Leasing scandal that are hidden in accounts in Switzerland.

The government said cash recovered under the framework will be used to fund projects in the health sector.

"A steering committee comprising the Executive Office of the President, the Attorney General, the National Treasury, the Assets Recovery Agency, Ethics and Anti-Corruption Agency and envoys or representatives representing the partner countries will be established to implement the deal."

"Parts of the roles of the team will be identifying potential assets to be recovered, identifying potential implementing organisations, decide unanimously on priorities for the use of returned funds, monitor progress in returning assets, receive reports on the progress of projects funded through recovered assets and learning lessons for future returns," a statement from the president's office said.

President Berset arrived in Kenya on Sunday for a two-day official visit.