More than $3.7 million that was stashed abroad would be returned to Kenya in a deal signed by the government and the UK.

The two countries signed an agreement on March 3 this year paving the way for the return of the money.

The agreement is the latest step taken by both governments to secure the return of the funds, which were confiscated by the Royal Court of Jersey in February 2016.

This is after defendant company Windward Trading Limited, associated with former Kenya Power boss Samuel Gichuru, pleaded guilty to four counts of laundering the proceeds of corruption.

Money laundering

The corrupt activities took place in Kenya and in May 2011, the UK issued a warrant of arrest against Mr Gichuru and a former MP Chris Okemo over alleged corruption and money laundering.

The Attorney General of Jersey requested their extradition from Kenya to face money laundering charges in connection with Windward's activities.

The extradition proceedings are still ongoing.

Fear or favour

National Treasury Principal Secretary Kamau Thugge, who signed the agreement on behalf of Kenya, said the government was happy for the progress so far made.

"We are delighted to reach agreement with the Government of Jersey on this important matter. We welcome the positive cooperation between Kenya and Jersey and look forward to an enhanced partnership in future," Dr Thugge said.

The Chief Minister of Jersey, Senator Ian Gorst, who represented Jersey, said the two countries were tackling finance related crimes without fear or favour.

"The signing of this agreement conveys a powerful message that both Jersey and Kenya are committed to combating issues of historic corruption and financial crime,” he said.

The process, they observed, has taken time because of the legal complexities of confiscation and asset sharing.

The Senator said the completion of this agreement is a step towards ensuring these funds are returned to the people of Kenya, where they rightfully belong.