President William Ruto’s administration has received a warning from the European Union (EU) to intensify the battle against corruption and money laundering.
This came after a report from 2022 that was delivered to the US Congress and listed Kenya as one of the top locations for money laundering worldwide.
On Thursday, February 2, EU Ambassador to Kenya Henriette Geiger said the trend could cost the country investors who are staying away. She was speaking at a meeting with the Kenya Private Sector Alliance (KEPSA).
Kenya should fight corruption because it is the biggest barrier to investment and because the country is under scrutiny for money laundering.
According to Geiger, who was reported by Citizen TV, “If Kenya is not making effort it will be blacklisted and that has a lot of really terrible effects… the most important one is that investors are shying away.”
Geiger disclosed that the nation might lose its ability to conduct business with EU members if it failed to fulfill its purpose. EU-Kenya trade relations She was addressing in advance of the business forum between the EU and Kenya, which will be held in Nairobi on February 21 and 22, 2023. Ruto will attend the gathering, which aims to explore potential investment prospects between the two parties.
The forum anticipates participation from more than 500 companies from Kenya and Europe.
150 private firms have already been chosen by the alliance to attend the meeting, according to KEPSA Director of Foreign Investment Dareen Gillen.
Five months after taking the oath of office, Ruto’s administration has drawn criticism for its lack of progress in the battle against corruption. The Ministry of Health was named the most corrupt organization in Kenya in the most recent study conducted by the Ethics and Anti-Corruption Commission (EACC). The service that was found to be most corruptible, at a rate of 27.8%, was receiving speedier medical care in public health facilities.
The Registrar of Persons came in second place in terms of corruption with 14.3%, followed by chiefs and village elders.
