Corrupt Kenyans Stash $49 Billion in Foreign Accounts

Kenya has been ranked second globally in the amount of cash stashed in tax havens relative to the Gross Domestic Product (GDP).

A study carried out by United States' National Bureau of Economic Research shows that the amount of wealth hidden in offshore accounts by Kenyans is close to 70 percent of the country's GDP.

The American private nonprofit research organization puts Kenya's looted funds and investments abroad at a staggering 49 billion US dollars.

The United Arab Emirates (UAE) is ranked first globally with 73 percent corruption proceeds stashed in foreign countries.

Kenya's ranking is alarming high considering that the world's average of stolen funds vis-a-vis the GDP stands at 9.8 percent.

Other countries in the top 10 list of funds stashed in offshore accounts include Venezuela, Zimbabwe, Saudi Arabia, Russia, Israel, Senegal, Argentina and Greece.

Countries with highest looted public funds abroad in billion dollars include US (1058), Russia (609), Germany (551.8), Britain (498.2), and France (409.3) but the amount of these countries' cash hidden overseas is significantly lower vis-à-vis their GDPs.

Currently, there is an active tax amnesty announced by the government for Kenyans with cash and assets stashed abroad to repatriate them.