Kenya, Britain sign agreement on repatriation of stolen wealth

Kenya, Britain sign agreement on repatriation of stolen wealth

Kenyatta and May Related News

Kenya and Britain on Thursday signed an agreement to repatriate proceeds of crime and corruption stashed away in Britain’s jurisdictions.

The agreement was signed during a meeting between Kenyan President Uhuru Kenyatta and visiting British Prime Minister Theresa May in Nairobi.

Speaking at a joint news conference in Nairobi, Mr Kenyatta said there was no turning back on the war on corruption and economic crimes.

“Fighting corruption is an important aspect for my legacy besides the Big Four Agenda,” he said shortly after the two leaders led their respective delegations in bilateral talks.

On her part, the British PM said that besides repatriation of the proceeds of corruption, her government will support efforts to prosecute and conclude all major corruption cases in the country.

The two countries also signed agreement on the renewal of security pact between the two countries.

The agreement will enable Kenya to receive support for border control and aviation security through training programmes and equipment for border, airline and immigration staff.

Other areas of co-operation under the agreement include countering violent extremism, terrorism and trans-national crime through sharing of information and profiling of major masterminds and beneficiaries of these crimes.

Ms May said her government is training with Kenyans to promote stability in East Africa and beyond.

She lauded Kenya’s efforts to stabilise Somalia and the signing of a peace deal in South Sudan under African Union Mission to Somalia (AMISOM) and Intergovernmental Authority on Development respectively.Ms May also announced that Britain will soon unveil a package for AMISOM, the peacekeeping team that comprises Kenyan soldiers in the war-torn country.In a separate matter, the Kenyan parliament voted on Thursday to retain the cap on commercial interest rates which the International Monetary Fund (IMF) has insisted must be scrapped or modified in return for a new standby arrangement.Lawmakers also voted to delay a proposed 16 per cent tax on petroleum products for two more years, citing the high cost of living – a move that will be a blow to government’s efforts to raise revenues through higher taxes.The IMF has demanded the cap be repealed as a condition for Kenya to access its balance of payments support.Kenya secured a six-month extension for its stand-by credit arrangement of 989.8 million dollars from the fund in March, and is seeking another extension when it expires in mid-September.The rate cap, introduced in September 2016, was aimed at helping small traders, access capital […]

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