Corrupt set to be hit hard by CBK move on new Sh1,000 notes

What you need to know:

  • By reaching out to forex exchange bureaus, Dr Njoroge wants to curtail the possible conversion of illicit billions of shillings into foreign currency through an elaborate scheme of money laundering.

  • The CBK has already placed a caveat on the amount banks will exchange into new notes. Any person with more than Sh5 million will be required to contact the CBK for vetting.

The noose on the collective neck of graft lords suspected to be hoarding billions of shillings in safe houses continued to tighten Monday as the Central Bank of Kenya announced it had asked sister banks in the region to alert it on any suspicious transactions.

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