Illicit financial flows squandering the fortunes of our future generations
If you have been having trouble trying to wrap your head around the mystery real estate boom in Kenya, or the 8 range rover sports you meet per Km on Mombasa road of late, there could be an answer here.
Read Bob Okande Austine's - 'Money laundering: The tag real estate can’t shake off' and Lilian Merab Mwakio's - 'Kenya loses over Sh600bn every year in tax evasion'. Then put that together with the Kshs300 billion the Auditor General perennially reports unaccounted for without answers - 'Sh500b State funds cannot be accounted for, says Auditor General Edward Ouko'
The graph below illustrates the illicit financial flows, unaccounted public funds compared to other streams finances to Kenya. Migrant remittances data obtained from World Bank's Prospects; external debt data from World Banks - International Debt statistics 2015 report; FDI and exports data from UNCTAD; Official Development Assistance data from OECD-DAC's Creditor Reporting System; and unaccounted for public funds data from Kenya National Audit Office (KENAO).
Are people laundering contraband money, evading tax and stealing from public coffers then showing up looking cool, flaunting 'hard earned legit investments'?
OR Is our economy genuinely growing and increasingly profitable to private enterprise?