Friday August 28, 2020 – President Uhuru Kenyatta’s Government is now planning to invest money recovered from corruption for better returns.
This comes after the recent successes in recovering proceeds of corruption.
Treasury CS Ukur Yattan has proposed the creation of the Criminal Assets Recovery Fund which will handle all the money obtained as proceeds of corruption.
The fund shall be managed by an administrator and a committee comprising of the Attorney General, Treasury PS, NIS Director General, CBK Governor, Financial Reporting Centre Director General, EACC CEO, KRA Commissioner General, Director of Public Prosecutions, and the DCI.
The AG shall serve as the Chairperson of the committee.
Other than using the money for operating expenses and upgrading the criminal justice system, the committee will have the liberty of investing the money.
“Where in the opinion of the Committee, it is appropriate to do so, the committee may direct such sums from the Fund as it determines, be invested in Government securities,” reads Yattani’s proposal.
The funds shall be set up using an initial Ksh20 million capital appropriated by Parliament in the years 2020/21.
The Office of the Director of Public Prosecutions is targeting to recover Ksh72 billion from State officials linked to graft.
EACC has recovered approximately Ksh7.9 billion in 6 years.
The Kenyan DAILY POST