John Mututho says the war on corruption should not be confined to individuals but also encompass institutions that might be aiding or abetting safe keeping of the loot.
Former National Authority for the Campaign Against Alcohol and Drug Abuse (Nacada) boss and politician John Mututho is recommending that the Central Bank of Kenya (CBK) conducts an audit of bank safes saying they could be holding fraudulently acquired wealth.
He said the war on corruption should not be confined to individuals but also encompass institutions that might be aiding or abetting safe keeping of the loot.
“There are fears that some banks might be holding on to corruptly acquired cash. While we should be worrying about the loot stashed in foreign accounts, we should not forget to probe local avenues that can be used to hide the cash,” he said.
He further recommends the CBK devalues Sh1,000 and Sh500 bank notes and introduce alternatives. “Most corruptly acquired cash is hidden in those denominations. Most of it too is hidden in personal safes inside suspects’ houses. If those two denominations are devalued, and a grace period given for all to put any of such notes they are holding back into circulation, the economy will tap back the stolen cash in the scramble to escape holding on to devalued wealth,” he said.
Kenya has been issuing tax amnesty programme to encourage Kenyans holding foreign accounts to repatriate it without success.
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