Prior to the August election, Kenya flagged more than Sh15 billion in just three years. The High Court later froze these funds due to suspicions that they were the proceeds of crime and money laundering.
The majority of the companies whose billions were frozen were start-ups that had connections to Kenya and Nigeria and had wired millions of shillings from West Africa, Asia, and the Middle East.
According to the Assets Recovery Agency (ARA), shell companies were also established in Kenya to use the country’s open financial system to launder money from other countries.
The High Court recently ruled that a Bahraini who had his $977,075 (roughly Sh120 million) seized by a State agency in January on suspicion of money laundering was entitled to his millions back.
Justice Esther Maina said Khalid Jameel Saeed proved the money, which was seized from him on January 28, at the Jomo Kenyatta International Airport (JKIA), after he failed to declare the cash to the customs officials, was not tainted.