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GLOBAL CRIME

GLOBAL CRIME-ORGANIZED CRIME-ILLICIT TRADE-DRUGS

Illicit Financial Flows Risks Related to Beneficial Ownership in the Mining Sector in Kenya.

By  Edith Nyabichi


The report examines the regulatory and legal framework governing Kenya's mining industry and offers an in-depth exploration of the challenges and gaps in implementing and enforcing beneficial ownership in the country.

 

The report offers an analysis of Kenya's corporate income taxes, mining royalties, and other mining taxes, providing insight into the complex dynamics and possible risks of illicit financial flows (IFFs) within the sector. The GFI research outlines key deficiencies in the current system and offers practical recommendations to enhance transparency and accountability.  

 

Key findings of the report include:

  • Regulatory and Legal Framework: An assessment of Kenya's current policies and regulations concerning the mining sector, emphasizing the need for reforms to reduce the risks associated with IFFs.

  • Corporate Income Taxes and Mining Royalties: An analysis of the existing tax frameworks, with a focus on the identification of potential vulnerabilities and loopholes that could facilitate illicit financial activities.

  • Beneficial Ownership Implementation Challenges: An examination of the legal, administrative, and operational challenges that hamper the enforcement of beneficial ownership transparency.

  • Recommendations: Strategic recommendations designed to strengthen the regulatory framework, improve enforcement mechanisms, and promote greater transparency in the mining sector.

Washington, DC: Global Financial Integrity (GFI), 2024. 33p.

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