The government has embarked on closing all avenues money launders are likely to use to exchange their illegally earned cash as the deadline for phasing out old notes draws closer.
The state is now targeting Forex Bureaus after it emerged that the corrupt individuals have opted to use this channel to exchange cash.
A number of corrupt individuals are now approaching these firms to get rid of the soon-to-be phased out Sh1,000 banknotes as they seek to remain wealthy.
The government has also directed bank executives to be vigilant when it comes to depositing and withdrawal of lump sums to avoid creating loopholes where the money launders can use to walk away with the new notes with ease.
Preliminary reports indicate credit-only microfinance institutions have now embarked on giving loans and money launders want to take advantage of the same to exchange the old notes for new ones.
CBK Governor Patrick Njoroge has said that he will be updating the nation on the progress of phasing out the old notes.
He has also warned the general public to be careful with con artists who are using fakes notes to lure them into certain situations before stealing from them at the end of the day.
CBK Bank Supervision Department Director Gerald Nyaoma, however, refused to comment on the issue when contacted.
“It is only the CBK Governor who can give a comprehensive report on that,” he said, as quoted by Standard.