Construction sector tops in cleaning dirty money, report reveals

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.

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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

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