More than half of the 10,733 private companies involved in money laundering in Kenya are in the construction sector.
This is strengthened by the unexplained capital-intensive real estate sector.
The National Risk Assessment On Money Laundering and Terrorism Financing of Legal Persons and Legal Arrangements – Kenya report published by the Business Registration Service (BRS) indicate that over 10,000 private firms were reported for money laundering in 2022.
READ ALSO:
Tea directors in Mt Kenya want Government to stop regrouping cartels
Some 56.5 per cent of these entities were involved in the construction sector, followed by real estate (8.07 per cent), manufacturing (7.17), money transfer agents (5.83), consultancy (4.48), textiles (4.04) and retailers (3.14).
“The legal structures that had been abused for money laundering purposes were mostly involved in construction, real estate, manufacturing and financial services,” the report reads.
According to the Kenya National Bureau of Statistics (KNBS), the construction sector is one of the fastest growing sectors contributing about 7.1 per cent of the country’s Gross Domestic Product (GDP) in 2022.
By our reporter
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@
Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates
Stay ahead of the pack! Grab the latest Sacco Review newspaper!
