EACC – Public Officers with Offshore Bank Accounts Risk 5-Year Jail Term or Ksh.5m Fine

October 23, 2023

The Ethics and Anti-Corruption Commission (EACC) has cautioned that public officers holding unauthorized offshore accounts could face substantial fines or imprisonment if they fail to adhere to established regulations.

In a statement released on Sunday, the anti-graft watchdog reiterated Article 76(2) (a) of the constitution, stipulating that a public officer is prohibited from opening or maintaining a bank account outside Kenya without the approval of the EACC.

Furthermore, the account holder is mandated to submit annual bank account statements to the EACC by January 31 each year. In the event of account closure, the holder must furnish the commission with evidence within thirty days.

The commission noted that it has observed that many public officers, including state officials, have failed to adhere to the aforementioned regulations. The EACC has urged them to heed the provisions of the law, cautioning that appropriate action will be taken if compliance is not met.

“State and public officers are hereby reminded that operating a bank account outside Kenya without the approval of the Commission is an offence for which upon conviction, a State or public officer shall be liable to imprisonment for a term not exceeding five years or a fine not exceeding five million shillings or both,” the communique read in part.

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