11 December 2018

Kenya, Jersey Island Sign Deal for Return of Stolen Assets

Photo: Capital FM
The Framework for Return of Assets from Corruption and Crime Agreement was signed Tuesday morning by Attorney General Justice (Rtd) Kihara Kariuki on behalf of Kenya and Minister for External Affairs, from the Government of Jersey, Senator Ian Gorst.

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

The agreement follows similar ones between Kenya and the United Kingdom (UK) 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'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.

TEMPLATE

"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.

He 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 (DTA).

On behalf of the Government of Jersey, the Minister signed the with CS Rotich. The framework, which the will ensure the proceeds of corruption

The two also signed a Memorandum of Understanding on financial cooperation.

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