European Union threatens to blacklist Kenya
European Union threatens to blacklist Kenya over the high rate of corruption, and money laundering
European Union threatens to blacklist Kenya over the high rate of corruption, and money laundering.
European Union (EU) has warned President William Ruto’s administration to intensify the battle against corruption and money laundering.
This came after a report from 2022 that was delivered to the US Congress and listed Kenya as one of the top hotspots for money laundering worldwide.
Speaking in a meeting with the Kenya Private Sector Alliance (KEPSA) on Thursday, February 2, EU Ambassador to Kenya Henriette Geiger said the trend could cost the country investors who are shying away.
“Fighting corruption is in the best interest of Kenya because this is the single-most torrent to investment and also Kenya is on the watchlist for money laundering.
“If Kenya is not making effort it will be blacklisted and that has a lot of very negative consequences… the most important one is that investors are shying away,” Geiger cautioned.
Geiger revealed that should the country fail in its mandate, it will be barred from doing business with EU member countries.
She was speaking ahead of the EU-Kenya business forum, set to be hosted in Nairobi on February 21 to 22, 2023.
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The event, which will be graced by President Ruto, is aimed at exploring various investment opportunities between the two parties.
Over 500 companies from Kenya and Europe are expected to participate in the forum.
KEPSA Director of Foreign Investment Dareen Gillen said the alliance has already selected 150 private companies to participate in the conference.
Ruto’s fight against graft Ruto’s administration has been criticized for going slow in the fight against graft, five months since he took the oath of office.
This is even after withdrawal of corruption case facing high profile individuals in the country who are alled to President Ruto by the Director of Public Preosecution.
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