Home Business Kenya Signs Two Agreement with Jersey to Return $5M Proceeds of Corruption

Kenya Signs Two Agreement with Jersey to Return $5M Proceeds of Corruption

by kenya-tribune

The Kenyan government and Bailiwick of Jersey, a Crown dependency located near the coast of Normandy, France, have signed two distinct agreements that will see the return to Kenya about $5 million stolen funds, and the utilisation of those proceeds.

The Cabinet Secretary for the National Treasury Henry Rotich, the Kenyan Attorney General Kihara Kariuki and Minister for External Relations of Jersey, Senator Ian Gorst, signed a Memorandum of Understanding on Financial Cooperation and the Framework for Return of Assets from Corruption and Crime in Kenya (FRACCK) in Nairobi.

“Senator Gorst’s visit to Kenya is the culmination of consultations undertaken over several years to develop a series of agreements to enhance Kenya’s relationship with Jersey,” said a statement sent to media houses.

In the MoU on Financial Cooperation, the two governments have considered the potential for cooperation in the financial sector and have signed the an agreement to explore possible cooperation areas in the sector.

The FRACCK is a framework agreement between the governments of Kenya, the United Kingdom, Switzerland and Jersey for the return to Kenya of assets that were acquired using proceeds of corruption and crime, and which are hosted abroad.

The recovered assets will be used to undertake identified development programmes in Kenya, which will be agreed upon, and overseen by a steering committee comprising representatives from the participating countries. The specific projects will be in line with the Government of Kenya’s priorities.

“The Government of Kenya reiterated its commitment to the principles of the FRACCK, whose design was expected to reinforce the message that corruption does not pay,” read the statement by The Department of Public Communication

The signing of the agreement by the Government of Jersey has in effect brought the FRACCK agreement into effect, with the Governments of Kenya, the United Kingdom and Switzerland having already signed a similar one earlier this year.

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