New banknotes introduced to curb graft
Publish date: 10 June 2019
Issue Number: 827
Diary: IBA Legalbrief Africa
Kenya's President Uhuru Kenyatta has announced that the country's currency is to be replaced with a new generation of banknotes. Kenyans must return their $10 notes to banks by 1 October in a bid to fight money laundering and counterfeit notes. New banknotes will be introduced over the coming months with other denominations being phased out gradually. BBC News reports that officials and well-connected businessmen in corrupt cartels are believed to hold hundreds of millions of illegally obtained shillings in cash, and withdrawing the 1 000 shilling note is expected to close many money-laundering avenues, as they have to be exchanged for the new currency.