In a not so shocking revelation considering the fact that Kenyan leaders have made it a hobby to steal from the common man as much as they can, the Central Bank of Kenya Governor Patrick Njoroge has said that majority of Kenyans have less than ksh 1 million in their accounts.
Appearing before parliamentary committee on finances,he said the regulations as enshrined in Section 33c of Banking Laws are in line with the International Anti-money Laundering regulations.
”Consequences of doing away with anti-money laundering are harsh. Kenyan banks will be blacklisted in the international market with international banks operating in the country recalled. Kenya will be regarded as a safe haven for money laundering,” Njoroge said.
He dismissed Parliament’s claim that some aspects of the Banking Act that took effect on October 1 last year are illegal.
Njoroge said only the CBK has the mandate to determine transaction limits and that the amendment to the Act followed all procedures as required by law.
He said that regulations capping bank transactions are in the best interest of the country.
”We remain vulnerable to money laundering and terrorist financing due to our geographical location. We, therefore, have a task to ensure illicit financial flows are not happening via our financial institutions,” Njoroge said.