The prevalence of economic crimes in Kenya is currently at 25% according to a recent report by PricewaterhouseCoopers. This is way above the global average and the country is grappling with many corruption cases.
According to a report released by PwC Kenya’s economic crimes rose to 61% in the past year from 52% in the previous year and majority of the cases were asset misappropriation and the organization of these crimes. More than half of the citizens in the country are pessimistic about the government’s effort to combat corruption terming the menace as a major deterrent in the economic development of the country. According to the respondents 47 percent indicated that they had experienced once case of bribery and corruption and procurement fraud respectively. More than a half of the population interviewed had experienced an economic crime in the last two years with cybercrime affecting a quarter of the organization they represented.
The situation in the country has deteriorated and the research shows that a whopping 80% of the respondents feel that the enforcement agencies are not well educated and equipped to tackle the issues of bribery and corruption in the country. There is an expectation by sixty percent of the respondents that they will experience corruption in the next two years making matters worse. Investing in systems that combat economic crimes go hand in hand with investing in the people entrusted to guard the assets and the economic crimes experienced in Kenya can largely be attributed to internal fraudsters.
The internal economic crimes committed by the fraudsters accounted for over 70% of the cases experienced in the country. Customers are the main perpetrators of the economic crimes and the citizens feel that if the country is to make significant progress it should deal with corruption with utmost energy and integrity. the reports indicates that the country is faced with major corruption and bribery cases with the recent NYS scandal amounting to Sh 791 million among the major cases affecting the country.