Fake currencyThe new development comes just a week after police reportedly discovered Sh2 billion in fake currency in a safety deposit box at Barclays Bank’s Queens Way branch in Nairobi. Police said four suspects who were arrested are part of an international racket targeting investors and politicians with false reports on investment opportunities while using the fake cash as sureties. Following the incident, Barclays Bank said it was reviewing its policies on the use of safe deposit boxes. “Whilst we have operated the safe deposit box service in line with local and global regulatory requirements, we recognise the emergence of new financial crime risks associated with the use of this service,” said Barclays Bank Kenya Chief Executive Jeremy Awori in a statement. “Therefore, as an extra precaution, we have taken a decision not to take any new safe deposit boxes and are working with our clients to review the existing safe deposit boxes.” The incident has rekindled concern over commercial banks’ adherence to existing anti-money laundering legislation such as the Proceeds of Crime and Anti-Money Laundering Act, 2009 that require banks to flag suspicious transactions and have detailed knowledge of their clients. Last year, the Central Bank of Kenya (CBK) fined five banks - Kenya Commercial Bank, Equity, Stanchart, Co-operative and Diamond Trust Bank (DTB) a total of Sh392.5 million for failing to flag suspicious transactions which were allegedly part of Sh8billion embezzled from the National Youth Service (NYS). Last month, a manager at DTB was also charged with failing to report financial transactions linked to perpetrators of the terrorist attack at the 14 Riverside office complex on January 15 this year where more than 20 people lost their lives. The task force comes just a month after Parliament sought to reverse anti-money laundering laws that require customers to reveal the source and intended use of large funds as well as provisions requiring banks to flag transfers of more than Sh1 million.