Return of our money stashed abroad long overdue

A recent World Bank report states that Kenya and Uganda are leading countries in East Africa in terms of “stealing” and “hiding” aid funds.

In recent years, we read detailed leaks from Panama, Luxembourg, Mauritius, and several others that have even listed the owners of these funds and investments sitting abroad.
How can we allow our countries to suffer when our stolen wealth remains hidden in foreign countries, including tax havens?  The funds are managed by our political elite, their associates, and companies, mainly multinationals trying to evade paying taxes. Illicit funds from drugs and other criminal activities are in this category too. Estimates by the US Think Tank, National Bureau of Economic Research, from studies undertaken last year, showed that approximately Sh6 trillion of Kenya’s money is illegally hidden abroad. This figure represents about 65 per cent of our GDP. Our total borrowings today, from both local and foreign sources, amounts to about Sh6.7 trillion, which is almost equivalent to the funds that are illegally held abroad.