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The Nairobian

President Uhuru says banks will lose licenses for money laundering

Business

By Fredrick Obura and Reuters | Nov 23, 2015

Banks that break Kenya's anti-money laundering rules will lose their licenses, President Uhuru Kenyatta said on Monday in his annual address to the nation.

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

During the televised speech, Uhuru Kenyatta called on IT sector to help fight corruption by building solutions that aids public in reporting the vice.

The President declared corruption a national security threat which requires various strategies to tame.

“Kenya has some of the most tech savvy people in Africa, and our IT sector is rightly renowned for its innovation and leading edge products. We will tap this home grown talent to develop accessible technology platforms.” He noted

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“I call upon Kenyan innovators to develop accessible technology platforms that allow citizens and customers to report bribe demands, inordinate service delays and corrupt practices in Government departments,” he said

He said the data produced will be publicised and available to the Presidency to hold responsible officers to account.

In his address to the Nation, President Uhuru said every company from now henceforth seeking to work with government both at the national and county level, will have to sign an approved Business Code of Ethics domiciled in the Public Procurement Oversight Authority.

He said that any business that fails to comply with the Code will be disqualified from doing business with government for a period not less than 5 years and the information will be made public.

This disqualification will not only apply to the business entity but also to its directors.