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Wakanyugi
#31 Posted : Sunday, June 02, 2019 6:44:56 PM
Rank: Veteran

Joined: 7/3/2007
Posts: 1,635
Shak wrote:
Gathige wrote:
FRM2011 wrote:

I have seen many people saying that the crooks can go to a bureau and convert to USD. This door is shut permanently. The forex bureaux are regulated by CBK and they operate on a very strict KYC regime.

Bureaux are monitored not just by the CBK but the security agencies as well. I doubt you can exchange fx worth over 5M in cash without the NIS getting to know.



Real Estate still remains the King of money laundering. Someone with 500 Million loot cash can easily partners with another Mkora with prime plot worth like 200 million and they form a Wakora Joint Venture. They can then develop a high end apartment block all in cash in a span of 1 yr and then either sell or rent it out and the cash come out clean and enters the system.


You would still need to explain where you got the cash to develop the plot.


When the history of how the war on corruption was won in Kenya is finally written (he, he, he) I believe the biggest chapter will go not to Uhuru or Haji or Kinoti but to the Governor of the Central Bank.

His enforcement of bank regulations and technology have made life hell for crooks. It is very hard to lauder money unless you buy a banker (very hard after NYS II) or avoid that system altogether. The record chain that KYC creates makes it very hard to avoid complete detection.
"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Wakanyugi
#32 Posted : Sunday, June 02, 2019 6:47:19 PM
Rank: Veteran

Joined: 7/3/2007
Posts: 1,635
Angelica _ann wrote:
Wakanyugi wrote:
mkenyan wrote:
Wakanyugi wrote:
Bigchick wrote:
2012 wrote:
radio wrote:
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail


I think the idea is for vendors to refuse to take cash and only accept bank transfers due to existing counterfeits. I would not accept cash.

But I see many of these criminals using mpesa and purchasing construction materials in bulk to launder their loot.



Mpesa has daily limits.Cannot launder lots of cash through this method.


If had a billion or two to lauder I would be looking for a high cash business to 'invest' in, like a super market chain.

But I think what Uhuru should have done is give a four week amnesty. Bring the money from under the matress, no questions asked, as long as you pay tax on it. It doesn't stop the DCI from using the information to go after suspected drug money cleaning etc.

Meanwhile that KRA collection target problem? Solved.

how is it an amnesty when you still pay tax on it and criminal liability still attaches? do you even know what you are talking about?



Hey! Come srowry! Hiding money under the mattress is not the end of the world you know?

It is an amnesty from prosecution - conditional. Has been used in Kenya several times already for everything from guns to loot stashed overseas. In fact one such is uderway as we speak. One trillion repatriated already. You need to read more beyond social media.

And yes these offers are quite often used to investigate crime, everything from drug loot and terrorism financing to human trafficking.


Amnesty = No prosecution!!! That is what @mkenya is highlighting.


Oh, Ok. Then I suppose we are in perfect disagreement


"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Lolest!
#33 Posted : Sunday, June 02, 2019 8:30:22 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Old notes going nowhere. Omtata Mahakamani kesho mapema!!
Lolest! wrote:
Kusadikika wrote:
Someone will be in court on Monday and because wakora judges are some of the biggest hoarders of cash bribes this move is likely to be quashed.

Yep, they're making it easy for the judges. Kenyatta's KICC sculpture is on all the new notes

Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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Thitifini
#34 Posted : Sunday, June 02, 2019 8:45:45 PM
Rank: Member

Joined: 1/15/2015
Posts: 681
Location: Kenya
Hehe, there's about 264million shillings of 1000 hard-notes in circulation as per CBK records.

Most of it should be legit cash with mwananchi. So don't expect much wind from this.

60% Learning, 30% synthesizing, 10% Debating
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FRM2011
#35 Posted : Sunday, June 02, 2019 9:09:49 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459
Lolest! wrote:
Old notes going nowhere. Omtata Mahakamani kesho mapema!!
Lolest! wrote:
Kusadikika wrote:
Someone will be in court on Monday and because wakora judges are some of the biggest hoarders of cash bribes this move is likely to be quashed.

Yep, they're making it easy for the judges. Kenyatta's KICC sculpture is on all the new notes



Tomorrow morning CBK will release 100s of CIT vehicles with the new currency. From there, everything moves pretty fast.

I suspect they didn't change the size of the currencies for ATM compatibility.

BTW, Kenyans should know that no bank will exchange notes. YOU MUST DEPOSIT to an account. And withdraw new currency.

By end of June, the old 1,000 note will be a rarity. Matatu touts, mama mbogas, mpesa girls start asking stupid questions like, "kwani hii yako haujabadilisha ?"
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maka
#36 Posted : Sunday, June 02, 2019 10:40:29 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Thitifini wrote:
Hehe, there's about 264million shillings of 1000 hard-notes in circulation as per CBK records.

Most of it should be legit cash with mwananchi. So don't expect much wind from this.



Really?
possunt quia posse videntur
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maka
#37 Posted : Sunday, June 02, 2019 10:42:41 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
maka wrote:
Thitifini wrote:
Hehe, there's about 264million shillings of 1000 hard-notes in circulation as per CBK records.

Most of it should be legit cash with mwananchi. So don't expect much wind from this.



Really?



Boss it's 232 Billion of the 1000 shillings notes.... 42% of the total currency in circulation.... So its 232 million notes...
possunt quia posse videntur
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Thitifini
#38 Posted : Sunday, June 02, 2019 10:53:07 PM
Rank: Member

Joined: 1/15/2015
Posts: 681
Location: Kenya
maka wrote:
maka wrote:
Thitifini wrote:
Hehe, there's about 264million shillings of 1000 hard-notes in circulation as per CBK records.

Most of it should be legit cash with mwananchi. So don't expect much wind from this.



Really?



Boss it's 232 Billion of the 1000 shillings notes.... 42% of the total currency in circulation.... So its 232 million notes...

I stand corrected.

60% Learning, 30% synthesizing, 10% Debating
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kingfisher
#39 Posted : Monday, June 03, 2019 8:36:30 AM
Rank: Elder

Joined: 4/9/2008
Posts: 2,824
Gathige wrote:
FRM2011 wrote:

I have seen many people saying that the crooks can go to a bureau and convert to USD. This door is shut permanently. The forex bureaux are regulated by CBK and they operate on a very strict KYC regime.

Bureaux are monitored not just by the CBK but the security agencies as well. I doubt you can exchange fx worth over 5M in cash without the NIS getting to know.



Real Estate still remains the King of money laundering. Someone with 500 Million loot cash can easily partners with another Mkora with prime plot worth like 200 million and they form a Wakora Joint Venture. They can then develop a high end apartment block all in cash in a span of 1 yr and then either sell or rent it out and the cash come out clean and enters the system.



That's where the problem is... there are only 120days allowed unless the courts come into play.
When I have money, I get rid of it quickly, lest it find a way into my heart.
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2012
#40 Posted : Monday, June 03, 2019 8:51:24 AM
Rank: Elder

Joined: 12/9/2009
Posts: 6,592
Location: Nairobi
Wakanyugi wrote:
Bigchick wrote:
2012 wrote:
radio wrote:
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail


I think the idea is for vendors to refuse to take cash and only accept bank transfers due to existing counterfeits. I would not accept cash.

But I see many of these criminals using mpesa and purchasing construction materials in bulk to launder their loot.



Mpesa has daily limits.Cannot launder lots of cash through this method.


If had a billion or two to lauder I would be looking for a high cash business to 'invest' in, like a super market chain.

But I think what Uhuru should have done is give a four week amnesty. Bring the money from under the matress, no questions asked, as long as you pay tax on it. It doesn't stop the DCI from using the information to go after suspected drug money cleaning etc.

Meanwhile that KRA collection target problem? Solved.


That kind of amnesty would create an artificial or real inflation that could take years to recover from or not recover at all. Unless the amnesty is to return the cash to CBK which is the same as letting the time lapse and stay with or burn the valueless papers.

The reason they set October is to mitigate against the artificial inflation it might create if the amount is as huge as suggested in the media and social circles.

BBI will solve it :)
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