Step up money laundering war

bdmoneylaundering

Currently, the law requires commercial banks to report all transactions above Sh1 million to the Financial Reporting Centre (FRC) daily. FILE PHOTO | FOTOSEARCH

I smell a rat. I think that there are plans afoot by the incumbent political elite to do away with the anti-money laundering rules that require customers to disclose the source, use, and beneficiaries before getting clearance to withdraw or deposit at least Sh1 million in cash.

Currently, the law requires commercial banks to report all transactions above Sh1 million to the Financial Reporting Centre (FRC) daily.

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Note: The results are not exact but very close to the actual.