Seven in 10 Kenyans are corrupt, according to a report published by PricewaterhouseCoopers (PwC). It is a significant indictment of the country’s moral fiber, which the President alluded two in his recent trip to Israel where he said Kenyans also excel in their corruption.
In its Global Economic Crime Survey: Kenya Report, PwC notes that
of the different types of economic crimes, incidences of asset misappropriation continue to be the most prevalent both globally and in Kenya. The reported incidences of asset misappropriation were 64 percent globally and 72 percent in Kenya.
Bribery and corruption was the second most prevalent form of economic crime in Kenya. Kenya has twice the global average of incidences of bribery and corruption, the third highest incidence globally. The third most prevalent incident of economic crime as reported in Kenya was procurement fraud with 37 percent of the respondents having experienced procurement fraud in the last two years, against a global average of 23 percent.
The survey focused on three core areas which resonates with what has been expressed globally as areas of
concern, i.e. ethics and compliance programmes in response to the increasing concerns on bribery and corruption
incidences as well as negative perceptions of how the problem is being dealt with, Anti-money laundering and Cybercrime.
The survey revealed the three main types of economic crime committed within organisations in Kenya are asset misappropriation (72 percent), bribery and corruption (47 percent) and procurement fraud (37 percent), says the PwC report
The survey was done using 99 Kenyan responses in the 2016 survey came from senior representatives of large, medium and small organisations. Of these, 28 percent are listed companies, 47 percent are private companies and 14 percent are government/public sector organisations.
Sadly, the report says that economic crime does however seem to have a significant impact on reputation/brand strength, employee morale and business relations among most organisations in Kenya. Moreover, economic crime does not have a significant impact on share price.
It recommends that countermeasures of economic crimes should aim at addressing transparency and restriction of use of proceeds obtained from these crimes.