A CASE study highlighted in the 2023 FIC Trends Report has indicated that a foreign-owned company incorporated in February 2023 was awarded a US$21 million contract by a government institution in June 2023 to supply equipment, despite having no previous work experience. The Centre says it also analysed a Suspicious Transaction Report on suspected money laundering, in which a senior government official was found to have accumulated government securities in excess of K50 million using suspected proceeds of crime. According to the case study titled “Abuse of Corporate Vehicles for Suspected Corruption” highlighted in the 2023 FIC Money Laundering and Terrorism Financing Trends Report, it was revealed that in August 2023, a foreign-owned company received a US$5.6 million credit from...