No respite for Kenyan looters as Tanzania moves to stop potential money laundering by freezing exchange of Kenyan currency.

Monday, June 10, 2019- The Bank of Tanzania has moved to stop potential money laundering by suspending the conversion of Kenyan currency to Tanzanian currency.

This comes after the Central Bank of Kenya advised its Tanzanian counterpart to put tough measures in place to tame illicit cash flows following the introduction of new generation currency notes in Kenya.

 “With a view to combat illicit financial flows and counterfeits into the Republic of Kenya, the Bank of Tanzania has been advised to freeze CBK Currency Collection Account with immediate effect,’’ the statement read in part.

This means, anyone with old Kenyan notes in Tanzania will have to carry them to Kenya to replace them for new ones subject to CBK’s guidelines.

The move comes just one week after CBK Governor Patrick Njoroge unveiled new notes and said the old Sh1,000 note will cease to be legal tender in October this year.

The latest move is a big blow to Kenyan traders seeking to exchange money to trade in Tanzania where the currency is largely accepted.

Shrewd businessmen and corrupt politician who have stashed millions in their homes are facing a race against time to exchange the loot into the new currency before the October 1 deadline.

The Kenyan DAILY POST.

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