Kenya Recovers Sh140 Million Stashed Abroad

The government through Kenya Revenue Authority (KRA) has recovered assets worth $1.3 million (Sh140 million) stashed abroad.

The illicitly acquired funds were seized through international cooperation, according to the Tax Transparency in Africa 2020 Report.

The recovery follows the signing of the exchange of information (EOI) treaties on the continent over the last five years. In total, eight African countries have recovered $189 million (Sh20 billion) from the treaty.

Kenya formally joined the treaty dubbed the Convention on Mutual Administrative Assistance in Tax Matters through the signing of the Yaounde declaration in November 2019.

“At KRA, we are encouraged by the positive and aptly captured outcomes which are as a result of the sustained application of international cooperation and exchange of information tools to tackle illicit financial flow.”

“Countries that are destinations for these flows, including financial centers in Europe, Asia, America, the Caribbean, and Pacific, now participate, said KRA Commissioner-General Githii Mburu.

Kenya hopes to recover more hidden funds through the treaty as it builds on the success of the exchange of information.

Globally, tax agencies in about 100 countries have recouped $11.2 trillion in offshore assets from 84 bank accounts.