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New Generation Bank Notes
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Shak
#21 Posted : Sunday, June 02, 2019 3:06:53 PM
Rank: Elder

Joined: 2/22/2009
Posts: 2,449
Location: Africa
Ryko wrote:
Pedes wrote:
T-Bag wrote:
HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....


October 1 2019 is the deadline. Those who have stashed illegally acquired 1000s notes in warehouses or homes are looking for get-rid-quick schemes.

This will affect a very small group of people. Clearly (10M -100M) stashes can be rinsed up before 4 months are over. This may affect guys with over 0.5 billion. How many are they? Very few, the likes of past governors. I expect

1.Guys will rush to forex exchanges so forex will be hotcake in the next few days. Mattress banking will switch to dollar banking. Millions will be cleaned up easily in forex. It is likely to affect dollar buying rates in coming months

2. Convert to 500s and get a new lease of life, more timelines still legal tender

3. Land as an asset is likely to benefit from this and probably houses which have had a terrible run this year.

4. Banks deposits (trickledown effect of conversion) more deposits, more loans for mama mboga, slow rate of small banks acquisitions because of deposits
5. Churches

All in all very little effect on mattress war lords. Meanwhile the business that will likely be affected most is

1. Money printing/wash wash this guys will need new equipments for the latest currency with more security features and expensive to print.

2. Politicians who rely heavily on money printing for campaign stashes
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Njunge
#22 Posted : Sunday, June 02, 2019 3:26:11 PM
Rank: Elder

Joined: 2/7/2007
Posts: 921
Tangatanga now says the deadline should have been brought forward to July 1st......mmmbahahahaha....!!!
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FRM2011
#23 Posted : Sunday, June 02, 2019 3:31:01 PM
Rank: Elder

Joined: 11/5/2010
Posts: 2,459

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.
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Impunity
#24 Posted : Sunday, June 02, 2019 3:40:06 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
county loot

ApplauseApplauseApplause

Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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mkenyan
#25 Posted : Sunday, June 02, 2019 4:19:11 PM
Rank: Veteran

Joined: 4/1/2009
Posts: 1,885
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?
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Shak
#26 Posted : Sunday, June 02, 2019 5:08:27 PM
Rank: Elder

Joined: 2/22/2009
Posts: 2,449
Location: Africa
Impunity wrote:
county loot

ApplauseApplauseApplause


Wah. Panic has set in
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Gathige
#27 Posted : Sunday, June 02, 2019 5:28:28 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
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.

"Things that matter most must never be at the mercy of things that matter least." Goethe
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Shak
#28 Posted : Sunday, June 02, 2019 6:11:35 PM
Rank: Elder

Joined: 2/22/2009
Posts: 2,449
Location: Africa
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.
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Wakanyugi
#29 Posted : Sunday, June 02, 2019 6:31:27 PM
Rank: Veteran

Joined: 7/3/2007
Posts: 1,635
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.
"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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Angelica _ann
#30 Posted : Sunday, June 02, 2019 6:44:31 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,937
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.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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