Kenya banks risk losing licences for money laundering

Kenya’s President Uhuru Kenyatta Monday warned banks involved in money laundering that they risk losing their licenses.

The president, who was speaking during his annual address to the nation, said that after consultations with the central bank governor, banks engaged in the vice will be shut down.

“From today, we have agreed that those banks that break our anti-money laundering laws and regulations will at a minimum lose their banking licenses,” he said.

Mr Kenyatta, spoke strongly against corruption in the country, declaring it a threat to national security.

SOURCE: THE EAST AFRICAN