Financial Crime World

Here is the converted article in Markdown format:

Kenya’s Anti-Corruption Law: Penalties for Corrupt Activities Revealed

=====================================

A new law aimed at curbing corruption in Kenya has been passed, outlining strict penalties for those found guilty of corrupt activities. The law, which comes into effect immediately, targets various forms of corruption, including bribery, embezzlement, and abuse of office.

Penalties for Corrupt Activities

According to the law, anyone who gives or receives a bribe worth KES 50,000 (approximately USD 500) or more can face:

  • A fine not exceeding KES 10 million (approximately USD 100,000)
  • Imprisonment for a term not exceeding seven years

The law also criminalizes abuse of office, making it an offense for any public official to use their position to obtain a benefit or advantage for themselves or others. Offenders can face:

  • A fine not exceeding KES 5 million (approximately USD 50,000)
  • Imprisonment for a term not exceeding three years

Bribery in the private sector is also targeted by the law, which makes it an offense for any person to offer or give a bribe worth KES 50,000 or more to influence a business decision. Offenders can face:

  • A fine not exceeding KES 10 million (approximately USD 100,000)
  • Imprisonment for a term not exceeding seven years

The law also criminalizes the use of false documents to mislead principals or clients, with offenders facing:

  • A fine not exceeding KES 7 million (approximately USD 70,000)
  • Imprisonment for a term not exceeding five years

In addition, the law requires public officials to declare their assets and provide detailed accounts of how they acquired them. Failure to comply with these requirements can result in:

  • A fine not exceeding KES 5 million (approximately USD 50,000)
  • Imprisonment for a term not exceeding three years

Key Penalties Under the New Law

Bribery

Fine not exceeding KES 10 million (approximately USD 100,000) or imprisonment for a term not exceeding seven years

Abuse of Office

Fine not exceeding KES 5 million (approximately USD 50,000) or imprisonment for a term not exceeding three years

False Documents

Fine not exceeding KES 7 million (approximately USD 70,000) or imprisonment for a term not exceeding five years

Failure to Declare Assets

Fine not exceeding KES 5 million (approximately USD 50,000) or imprisonment for a term not exceeding three years

Contact Information

For more information on the new law and its implementation, please contact: