Kenya, Jersey Island sign deal for return of stolen assets

President Uhuru Kenyatta addresses the 2018 Global Citizen Festival: Mandela 100 from State House in Nairobi on December 2, 2018. PHOTO | PSCU

What you need to know:

  • The agreement follows similar ones between Kenya and the United Kingdom (UK) and Switzerland, that were signed earlier in the year.
  • Senator Gorst explained that the island’s forward-thinking approach, robust regulatory framework, political autonomy and economic stability have kept it in the forefront of global finance for more than 50 years.

Kenya has signed an agreement with Jersey Island that will see proceeds of corruption seized and returned.

Treasury Cabinet Secretary Henry Rotich and Jersey’s Minister for External Relations Senator Ian Gorst on Tuesday signed the Framework for the Return of Assets from Corruption and Crime to Kenya (FRACCK).

SIGNIFICANT

Jersey Island is one of the world's leading international finance centres.

The agreement follows similar ones between Kenya and the United Kingdom and Switzerland, that were signed earlier in the year.

Senator Gorst said it represents a significant achievement that will see the confiscation and return of stolen assets to Kenya.

This, he said, will be made possible through Jersey Island’s reputation as a transparent and well-regulated jurisdiction that is committed to increasing trade with Kenya.

The Senator explained that the island’s forward-thinking approach, robust regulatory framework, political autonomy and economic stability have kept it in the forefront of global finance for more than 50 years.

“It is hoped that this example of cooperation between the government of Kenya, alongside its partners in Switzerland, the UK, and Jersey, will act as a template for the broader international community,” he said in a statement to newsrooms.

THE TALKS

The senator spoke after a series of ministerial meetings with representatives from the government, including Attorney General Paul Kariuki and Foreign Affairs Principal Secretary Macharia Kamau.

The meetings took place during his second official visit to Kenya this week.

Discussions covered the breadth of Jersey’s relationship with Kenya, from collaboration in tackling financial crimes, to regulatory cooperation and increasing cross-border trade and investment, including through a Double Taxation Agreement.

CS Rotich and the senator also signed a memorandum of understanding on financial cooperation.