Multinationals on the spot for steep rise in illicit financial flows

Auditor General Nancy Gathungu (centre) with Latin Poda, the First President of the Court of Accounts of Burkina Faso (left) and Outgoing secretary General of AFROSAI and minister Delegate at the presidency of Cameroon in charge of Supreme State Audit Office Mme Mbah Acha Fomundam peruse the launched Report on illicit Financial Flows in Africa which consist of 12 countries, on 10,March, 2025 at Norfolk hotel. [Jenipher Wachie, Standard]

Kenya could continue losing billions of shillings in tax revenues through illicit financial flows due to weak implementation of laws, limited cooperation among government agencies, and letting off offenders with minimal or no penalties.

The challenge is being compounded by the emergence of cryptocurrencies, which, due to their decentralisation and anonymity, are increasingly being used by firms and individuals to move funds across borders.