Court raises red flag over asset recovery billions

BDMONEYLAUNDERING

The High Court has frozen more than Sh63 million belonging to Virtual Financials International Ltd. PHOTO | SHUTTERSTOCK

A judge has directed the Treasury to fast-track regulations to operationalise the Criminal Recovery Fund following fears that monies forfeited to the government might fall into the wrong hands while being held at a bank account operated by the Assets Recovery Agency (ARA).

High Court judge Nixon Sifuna noted that the millions of shillings that are preserved and later forfeited to the government every year end up in a KCB bank account and not the Consolidated Fund.

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