KENYA and Switzerland have signed a landmark agreement in Nairobi that paves way for Kenya’s recovery of stolen assets from overseas.
The Framework for the Return of Assets from Corruption and Crime in Kenya (FRACCK) agreement is aimed at confiscating assets acquired through corruption and crime in Kenya and stashed in foreign countries.
President Uhuru Kenyatta said the signing of the agreement was part of his resolve to eliminate corruption in the country, saying that his stand on the vice is clear.
‘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 in a statement issued on Monday after the signing of the deal in Nairobi.
The key agreement that is also supported by Britain and the Jersey Island will create a mechanism for Kenya to recover money stolen by corrupt individuals and hidden in Switzerland, Britain and Jersey Island.
The agreement also has a provision to allow other nations willing to co-operate with Kenya in the recovery of stolen assets to join.
To avoid complication of asset recovery, the framework, which is in line with the UN Convention against Corruption, said that recovery should follow executable judgments.
The first assets to be targeted by the new framework will be money stolen through the Ango-Leasing scandal and hidden in Switzerland.
The deal, which was inked following a two-day visit by Swiss president also said that assets recovered under the mechanism will be used to pursue clearly identified development objectives.