Mudavadi warns on looming money laundering by cartels

The unveiling of the new bank notes has continued to elicit a lot of reactions. The new bank new notes were launched as a scheme to nab cartels who are using ‘pillow banking.’

The call to withdraw Ksh1,000 bank notes is the main talking point among top politicians.

ANC leader Musalia Mudavadi has asked the CBK not to extend the deadlines for the submission of the Ksh1,000 notes.


Musalia Mudavadi speaks on new currency deadline. /ANC

Hon Mudavadi also warned Kenyans against being used to launder money. He spoke this as a section of ODM legislators urged the CBK to reconsider changing the new bank notes bearing the image of late President Jomo Kenyatta.

He has asked financial managers to be vigilant as most cartels are capitalising on the time line to launder money.

Concerning images on the new bank notes, CBK Governor Patrick Njoroge has stated that they followed the right procedures in making the new currency.

Deputy President William Ruto’s allies have faulted the October 1 deadline set by the Central Bank of Kenya to phase out old banknotes.

Legislators led by Kimani Ichungwa said the deadline should be revised.

This is following the directive by CBK on Saturday  to make current Ksh1000 notes obsolete on October 1.

The Kikuyu MP said in order to fast track acquisition of money stashed in people’s houses, the deadline should be moved to July 1.

He argued that the October deadline is quite far, adding that the money should be released to develop the economy.

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