Noose tightens on money launderers as currency D-Day nears

The old Sh1,000 banknotes will cease to be legal tender by October 1 while the other new notes will continue circulating alongside the old currency note. [File, Standard]

The Government is rushing to seal all the gaps being exploited by money launderers to clean their ill-gotten wealth held in the soon-to-be phased out Sh1,000 banknotes.

Investigators are reported to be focusing on Forex Bureaus with authorities fearing that their lax know-your customer (KYC) guidelines are granting money launderers a field day as the October 1 deadline looms.