The Ethics and Anti-Corruption Commission (EACC) is sending a stern warning to all public officers who hold offshore accounts without proper approval.
Non-compliance with the established regulations could lead to severe consequences.
Including hefty fines and potential jail time.
It clearly prohibits public officers from opening or maintaining bank accounts outside of Kenya without first obtaining approval from the EACC.
This is a fundamental requirement.
Furthermore, public officers who hold offshore accounts must submit their annual bank account statements to the EACC by no later than January 31st of each year.
If, for any reason, the account is closed, the commission must be provided with evidence of this within thirty days.
The EACC has observed that many public officers, including state officials, have failed to comply with these essential regulations.
They are strongly advised to adhere to the legal provisions to avoid facing serious repercussions.
The message from the EACC is crystal clear. Operating a bank account outside of Kenya without the Commission’s approval is a grave offense.
5 years jail-time
Those found guilty could face imprisonment for a period not exceeding five years or fines up to five million shillings, or even both.
This is not a situation anyone would want to find themselves in.
These requirements apply to all offshore accounts.
It applies regardless of whether a state or public officer opens or controls them.The rules are universal.
However, there is a small exemption, and that applies to individuals serving in diplomatic missions abroad.
They are the only ones who will not be subject to these stringent regulations.
It is a reminder to all public officers to follow the law and avoid any illegal offshore account dealings, as the EACC is serious about enforcing these regulations.