Kenya’s Economic Crime Rate Dips Amidst Global Decrease: A Glimmer of Hope Amidst Challenges

PwC Global Economic Crime and Fraud Survey - Kenya

According to PwC’s 2020 Global Economic Crime and Fraud Survey - Kenya report, the number of organizations in Kenya reporting economic crimes has decreased. This trend is in line with the global average.

Decrease in economic crimes in Kenya: 58% of the 102 respondents reported experiencing economic crimes in the past two years, down from 75% in 2018 (PwC Report).
Global decrease in economic crimes: The global average also fell from 49% in 2018 to 47% in 2020 (PwC Report).

Impact of Economic Crimes on Kenyan Businesses

Despite the reduced rate of economic crimes, it’s crucial to examine their impact on Kenyan businesses and their global counterparts.

Bribery & Corruption and Procurement Fraud: The most frequent and costly forms of economic crimes reported in Kenya are bribery & corruption and procurement fraud (PwC Report).
Disruptive consequences: Economic crimes can have disruptive consequences for businesses (PwC Report).

Remaining Vigilant Against Economic Crimes

The continued prevalence of bribery & corruption and procurement fraud underscores the need for continuous vigilance against economic crimes.

Call to action: Kenyan businesses should strengthen their anti-corruption measures and adhere to stricter procurement procedures (PwC Report).

Implementing Robust Safeguards Against Economic Crime Risks

The decreased incident rate is not a war on economic crimes won but an opportunity for introspection as the global business landscape adjusts to the ’new normal'.

Staying resilient: Organizations must remain resilient and implement robust safeguards against economic crime risks (PwC Report).
Mitigating risks: Implementing stricter anti-corruption policies and procedures, conducting regular risk assessments, providing adequate training for employees, and promoting a culture of business ethics and integrity can help mitigate economic crime risks.