The UK through the British High Commissioner to Kenya Nic Hailey have vowed to be vigilante to ensure that any attempts to change old notes, acquired through money laundering and corruption, with their Sterling pounds are thwarted.
Hailey said that the y are work closely with Kenyan authorities to make sure that foreign exchange bureau are not used to change the illegal monies into pounds.
“We know there might be some cases of stolen money being contributed in fundraisers. You have seen people producing big bundles of cash. It may or may not be stolen but we have to be careful,” he said.
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The Tanzanian government has also suspended exchange of its currency with that of Kenya, as well as inflow of Kenyan currency to the country.
This follows the issuance of new bank notes by the Kenyan government meant to curb graft in the country and illicit cash flows.
In a special notice to banks, the Bank of Tanzania said that it has frozen Central Bank of Kenya’s (CBK) cash collection account with immediate effect.
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“Given the gravity of illicit flows concerns raised by CBK, you are required to subject all flows from and into Republic of Kenya to enhanced due diligence,” read the notice in part.
Kenya, during Madaraka Day Celebrations on June 1, unveiled the new currency and announced that the current Ksh1000 would be rendered useless by October 1.
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