Browsing: Corruption in Kenya

• Six African nations ranked among the top 10 globally for money laundering and terrorism financing risk by the 2023 Basel AML Index.
• Another 11 African countries are grey-listed by the Financial Action Task Force (FATF), including Kenya, Tanzania, and South Africa.
• The overall economic ramifications of these crimes are staggering, from lost FDI to widespread inequality.

Money laundering, corruption, and terrorism financing are no longer hidden threats—they are destructive forces ravaging Africa’s economies.

With six African nations ranked among the top 10 globally for money laundering and terrorism financing risk by the 2023 Basel AML Index, the scope of the problem is frightening. Add to this the 11 African countries grey-listed by the Financial Action Task Force (FATF), including Kenya, Tanzania, and South Africa, and the stakes become even more urgent. Mineral-rich South Sudan and the Democratic Republic of Congo stick out like a sore thumb on this dirty list.…

• Socio-economic development has been constrained by widespread corruption and mismanagement in Kenya.
• The debt constraint will not just affect headline macroeconomic variables, but will also have an impact on the lives of Kenyans, a new report says.
• The variation in unemployment, inflation, and broader economic growth will also have a clear impact on poverty levels.

Kenya’s potential for socio-economic development in the coming decade is no longer promising, a new report has revealed.

The report titled ‘Kenya in 2040: Mapping Kenya’s Future’, which was jointly produced by Oxford Economics Africa and the Institute of Economic Affairs (IEA), a Kenyan think tank, says the earlier projected outlook of the country’s GDP growth beyond 5 per cent, and a consolidated position as the gateway into Africa, is slowly diminishing.

It says Kenya’s socio-economic development has been constrained by widespread corruption and economic mismanagement.

“The former has led to considerable fiscal …

• Somalia, South Sudan and Equatorial Guinea have emerged as the most corrupt countries in Africa in the 2023 Corruption Perception Index (CPI) by Transparency International.
• Liberia (25) has declined 16 points in the CPI score since 2016 while Mali (28) has dropped seven points in the CPI ranking since 2015.
• In 2023, Gabon ranked (28) having lost a similar number of points like troubled Mali since 2016.

Somalia, South Sudan and Equatorial Guinea have emerged as the most corrupt countries in Africa in the 2023 Corruption Perception Index (CPI) by Transparency International (TI). Equatorial Guinea (17), South Sudan (13) and Somalia (11) scored the lowest with TI saying these economies showed “no sign of improvement.”

Liberia (25) has declined 16 points in the CPI score since 2016 while Mali (28) has dropped seven points in the CPI ranking since 2015. In 2023, Gabon ranked (28) having lost a similar number …

• Cybersecurity, corruption, and policy shifts have been cited among the top issues that Kenyan businesses will have to confront in 2024.
• In 2022, Kenya suffered a loss of at least $153 million to cybercrime, which is projected to rise by 14 per cent annually.
• A new report ranks Kenya as the second most difficult country for businesses in EAC after South Sudan.

Cybersecurity, corruption, and policy shifts have been cited among the top issues Kenyan businesses will have to confront in 2024.

The latest Risk Barometer by underwriting giant Allianz, reveals that in Kenya’s complex and dynamic business environment, several challenges loom, casting shadows on the entrepreneurial spirit that drives the economy.

The high cost of living directly impacts consumer spending, affecting businesses across sectors. A weakening currency coupled with inflation also threatens businesses and the economy.

According to Allianz Commercial CEO Petros Papanikolaou, the key challenges for companies …

• The SAP FCPA violation will result in a $100 million fine from the US Securities and Exchange Commission.
• From December 2014 to January 2022, SAP was found to have utilized third-party intermediaries and consultants to pay bribes to government officials in order to secure business.
• The SEC’s action is part of a coordinated global settlement that involves the United States Department of Justice and criminal and civil authorities in South Africa.

German software giant SAP has disclosed that it paid Kenyan government officials for tenders in the country. The company has now agreed to pay $100 million in fines to settle charges of paying bribes to secure business deals in Kenya, Tanzania, South Africa, Malawi, Ghana, Indonesia, and Azerbaijan.

In 2019, a whistleblower complaint filed with the US Securities and Exchange Commission and the US Department of Justice indicated that SAP was involved in corruption and bribery, thereby violating US …

The British Chamber of Commerce Kenya (BCCK) has unveiled its inaugural Integrity Index showcasing local companies and how they fair on the integrity test. It features a selection of companies based in Kenya, that have a track record in working with integrity with organizations in Kenya and British Chamber of Commerce Kenya (BCCK) members.

These companies which cut across various sectors including horticulture, ICT, real estate, recycling and water and showcases a new trend in Kenya where Integrated has been prioritized. In the past, Kenyan private sector has been labeled as the hub for corrupt under dealings and this list shines a new light Into Kenyan private sector.

The Index is part of the Business Integrity Initiative (BII) pilot programme, which is run by BCCK in partnership with the UK Department for International Development (DFID), the UK Department for International Trade (DIT) and the UK Foreign and Commonwealth Office (FCO) …