IS DEMONETISATION KENYA’S MAGIC WAND AGAINST FINANCIAL CRIME?

An article in the ENACT Observer on 27th August posed this question, saying that plans to replace old KSh1,000 notes (valued at around $10), many of which are counterfeits, on 1st October risks economic disruption.  It says that about $400 million in fake local and foreign currency has been seized this year, according to media reports – double the amount reported seized for all of last year.  The value of legal tender in KSh1,000 notes to be about $2.18 billion – about 83% of the total value of currency held in shilling banknotes.  It is the banknote of highest value in Kenya, Uganda and Tanzania, hence its value and the reason for its widespread use.

https://enactafrica.org/research/trend-reports/is-demonetisation-kenyas-magic-wand-against-financial-crime

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s