This article examines political corruption and political party financing in multiparty Kenya. It uses the Goldenberg and Anglo-Leasing mega-scandals to demonstrate the existence of political corruption, particularly campaign financing, arguing that it has increased under multiparty rule and affected the nature of governance. It has adversely affected political participation and competition, the rule of law, transparency and accountability. Illegal funds to finance the Kenya African National Union's elections in the 1990s were raised through the Goldenberg Affair, whereas those aimed at financing the National Rainbow Coalition's elections in December 2007 were to be raised through the Anglo-Leasing scandal. Corrupt campaign financing, therefore, poses a threat to democracy in the country. The democratic space created and expanded by multipartyism has, however, provided new opportunities for waging the war against corruption. It is in the context of these arguments that the conclusion raises broader issues for corruption and democracy in Africa.