Kenya to blacklist banks used in money laundering

CBK

Kenyan president, Uhuru Kenyatta has warned banks that break anti-money laundering rules risk losing their licenses.His comments come after two banks were put under receivership over banking malpractices and liquidity problems.

President Kenyatta spoke after receiving a special report on anti-graft measures and a proposed Anti-Bribery Bill prepared by the private sector. He termed corruption as a standing threat to national security and welcomed efforts by all sectors to tackle the vice. The Kenyan government loses up to 30 percent of its revenue to corruption. 70 percent of that occurs through procurement, while the rest from bribery.