CBK Governor has said the motivating factor around changing country’s currency is the rampant corruption which has led to billions of shillings being stashed in safe houses by thieves of public resources. Njoroge says they have issued a notice to Tanzania and Uganda to be on the look out for Kenyans who may attempt to cleanse millions of illegal money in their banks.
A day after rolling out the new currency, Njoroge confirms central banks of neighboring countries have been warned to be on the lookout for individuals who might want to launder Kenyan money. Also placed on high alert are country’s local banks and forex bureaus to ensure no illegal money is wired back to the system through them.
Tough guidelines have been put in place on what quantity of money is allowed to be legally exchanged or wired back into the system, something that has put in a fix those with millions of cash in their homes, stashed in boxes and sacks.
” For between Sh1 million to Sh5 million, you will need to go to your bank where they know you and your type of business. They will still ask the usual questions and you will sign the usual declaration forms just like it has been done before,” said the CBK governor.
The government is taking this issue seriously and by yesterday, Governor Patrick Njoroge had already met with the representatives of commercial banks in the country, to give them a directive enforcing these new guidelines.
”I have just spoken to the CEOs and CFOs of commercial banks and micro-finances. I will talk with foreign exchange bureaus and money remittance providers to make sure all this is dealt with. We want to make sure that anti-money laundering and countering financing of terrorism framework is robust,” he said.
Politicians likely to lose billions of shillings are already feeling the heat. EALA MP Simon Mbugua, who is a close ally of the DP has already rushed to the courts to stop CBK from changing country’s country.While commenting on the same, Patrick Njoroge said they are aware of the legal barriers that have been put on their path and are facing them head on as a matter of urgency.
“I have been informed of a legal challenge that has just been filed. We are going to deal with those issues as a matter of priority. There is nothing worse than having uncertainty with regards to currency matters.”