Govt Goes Global to Trace Stolen Wealth Hidden in Offshore Accounts​​

Kenya has stepped up efforts to recover billions of shillings in stolen public funds hidden both locally and abroad, with the Ethics and Anti-Corruption Commission (EACC) warning that the fight against corruption can no longer be won within national borders alone.

Speaking during an international anti-corruption meeting in Doha, Qatar, EACC Chief Executive Officer Abdi Mohamud said modern corruption schemes have become complex and global, making international cooperation essential for tracing and recovering stolen assets.

Mohamud told delegates that large amounts of illicit wealth linked to corruption cases in Kenya remain concealed in foreign jurisdictions, beyond the country’s direct legal reach. 

He noted that without strong partnerships with other countries and global institutions, recovering such funds would be nearly impossible.

“Asset recovery today depends on cooperation across borders,” Mohamud said, adding that corruption networks operate through sophisticated systems designed to hide money far from its source.

The EACC boss explained that the commission has strengthened its engagement with international bodies such as the International Anti-Corruption Coordination Centre and the Basel Institute’s International Centre for Asset Recovery. 

These partnerships, he said, have already played a key role in tracing and recovering assets in several concluded corruption cases.

According to Mohamud, Kenya must now invest more resources into global anti-corruption efforts by improving funding, training, and legal support for officers handling complex international cases. 

He stressed that asset recovery investigations often take years and require advanced skills, technology, and legal coordination across multiple countries.

He also highlighted the importance of transparency systems, particularly the creation of reliable beneficial ownership registers. 

Such registers help identify the real individuals behind companies, trusts, and accounts that are often used to hide stolen wealth.

“These systems make it harder for corrupt individuals to hide behind shell companies and false identities,” Mohamud said. 

“They also speed up the process of tracing and returning stolen money.”

Closer to home, Kenya is also dealing with large sums of money that remain unclaimed within the country. 

The Unclaimed Financial Assets Authority (UFAA) recently revealed that more than Ksh 106 billion is currently held as unclaimed assets, ready to be returned to rightful owners.

According to UFAA data, about Ksh 48 billion of the unclaimed wealth is held in cash, while the rest is invested in shares and other financial instruments. 

Authorities say some of these funds could remain unclaimed due to lack of awareness, poor record-keeping, or the death of original owners.

The renewed focus on asset recovery follows earlier reports that exposed the scale of illicit financial flows linked to Kenya. 

Global investigations such as the Pandora Papers, along with World Bank-backed studies, have previously shown how public funds are moved offshore through secretive financial systems.

A 2025 report by the Financial Reporting Centre further revealed that suspicious transactions worth nearly Ksh 7 trillion had been flagged over recent years, raising concerns about the effectiveness of financial oversight and enforcement mechanisms.

The EACC says its participation in the Doha conference reflects Kenya’s commitment to tackling corruption both at home and on the global stage. 

The commission maintains that asset recovery is not only about returning stolen money but also about restoring public trust and deterring future corruption.