Financial Crime Trends and Statistics in Kenya: A Promising Decline in Incidents

Overview

A recent survey conducted by PwC has revealed a promising decline in financial crime incidents experienced by organizations in Kenya. The 2020 PwC Global Economic Crime and Fraud Survey polled 102 respondents across various sectors, providing valuable insights into the evolving landscape of financial crime in the country.

Key Findings

• Decline in Economic Crimes: 58% of surveyed businesses reported experiencing some form of economic crime over the past 24 months, representing a significant decrease from 75% in 2018.
• Global Comparison: This decline is higher than the global average of 47%, indicating that Kenya is making progress in addressing financial crimes.
• Prevalent Types of Economic Crimes:
  • Bribery and corruption
  • Procurement fraud

Implications for Businesses

The decline in economic crime incidents presents an opportunity for businesses to reflect on the impact of such crimes on their operations and bottom line. As the economy continues to navigate challenges, it is essential for organizations to remain vigilant and proactive in preventing and mitigating financial crimes.

Recommendations for Kenyan Organizations

To stay ahead of emerging threats and protect themselves against economic crimes, Kenyan organizations can take the following steps:

• Enhance Risk Management Strategies: Adapt and enhance risk management strategies to address evolving financial crime trends.
• Implement Proactive Measures: Implement proactive measures to prevent and mitigate financial crimes, such as regular audits and training for employees.
• Stay Informed: Stay informed about emerging threats and trends in financial crime to make informed decisions.

By understanding these trends and statistics, Kenyan organizations can take proactive steps to protect themselves against economic crimes and ensure long-term sustainability.