Matiang'i: Why theres a shortage of Sh200, Sh100 notes

Interior CS Fred Matiang’i has said that banks are facing a shortage of Sh200 and Sh100 notes.

CS Fred Matiang'i releases the Money Laundering and Terrorism Financing National Risk assessment report

CS Matiang’i was addressing stakeholders during the launch of the inaugural Money Laundering and Terrorism Financing National Risk Assessment Report (2021).

He accused politicians seeking elective office in the August 9, General Election of hoarding the notes for distribution during campaigns.

The cabinet secretary said that politicians who were using money to influence voters’ decisions are likely to plunder public resources if elected into office.

If you put these people into elective positions do you think they will actually firm up the regulatory environment? It is a question we have to ask ourselves,” Dr Matiang’i said.

He added that a number of billionaire car dealers were suspected to be funding politicians or were used to launder money.

Car dealers changed billions of shillings. How many cars do you need to sell to be able to have billions and all these dealers are friends of senior politicians? They are now the ones financing all these Sh200 and Sh500 notes in the villages and so on,” Matiang’i stated.

He emphasised the importance of electing a government that is free from the binds of suspected money launderers.

In May, the CS expressed worry in the candidates who have offered themselves for election in the upcoming August 9 polls.

CS Matiang'i said the country risks having almost half of elected office holders belonging to money laundering gangs if Kenyans allow the candidates to bribe their way to the leadership seats.

“We could end up laundering criminals of unprecedented standards into our elective offices. We might have over 40% of elected office holders becoming our leaders if we allow all the ‘wash wash’ gangs and other criminals to bribe their way in the coming elections,” Matiang’i said.

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