Kenyans have stashed a whopping Sh96 billion in Swiss banks even as both countries clamp down on dirty cash

Kenya and Switzerland signed a pact to clamp down on dirty cash

The amount went up 4.3 per cent from Sh92.1 billion (911.4 million swiss francs) in 2016.

These funds include deposits from Kenyans and fiduciary liabilities or money held in Swiss banks in trust on behalf of Kenyans.

Switzerland has for a long time been considered among the top dirty-cash havens.

It is suspected that Kenyans having illicit wealth in Swiss banks may be moving their funds for fear of being exposed due to growing scrutiny.

Bank secrecy

However, in 2009,Switzerland was forced to loosen bank secrecy for foreigners as it sought to cooperate with a global crackdown on tax cheats.

The report comes in the wake of a an agreement signed by Kenya and Switzerland that paves the way for reclamation of funds and property gotten through proceeds of graft and stashed abroad.

President Kenyatta said the pact dubbed Framework for the Return of Assets from Corruption and Crime in Kenya (FRACCK) was part of his resolve to eliminate corruption in the country.

The first assets to be targeted by the new framework will be monies stolen through the Ango-Leasing scandal.

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Email: news@pulselive.co.ke

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