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In United States law, money laundering is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. In United Kingdom law, the common law definition is wider. The act is defined as "the process by which the proceeds of crime are converted into assets which appear to have a ...
Corruption in the government of Kenya has a history which spans the era of the founding president Jomo Kenyatta, to Daniel arap Moi's KANU, Mwai Kibaki's PNU governments. . President Uhuru Kenyatta's Jubilee Party government, and the current William Ruto's Kenya Kwanza administration has also been riddled with massive cases of graft, topping in the list of corrupt presitents in Africa ...
Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. [1] In many instances, bank fraud is a criminal offence. While the specific elements of particular banking ...
The bank's collapse with pensions savings for thousands of workers, resulted in the resignation of Nahashon Nyagah the Governor of the Central Bank of Kenya for failing to prevent the [3] Also forced to resign was John Munge the Kenya Revenue Authority (KRA) Commissioner-General who was a director of Euro Bank, and had previously worked at another bank that collapsed.
As a result, it is illegal in some U.S. states, India and Pakistan. [ 1] After the September 11 terrorist attacks, the American government suspected that some hawala brokers may have helped terrorist organizations transfer money to fund their activities, and the 9/11 Commission Report stated that "Al Qaeda frequently moved the money it raised ...
Goldenberg scandal. The Goldenberg scandal was a political scandal where the Kenyan government was found to have subsidised exports of gold far beyond standard arrangements during the 1990s, by paying the company Goldenberg International 35% more (in Kenyan shillings) than their foreign currency earnings. Although it notionally appears that the ...
The Central Bank of Kenya (CBK) (Swahili: Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Kamau Thugge, CBS is the current Governor and Dr. Susan Koech is the Deputy Governor.
The illegal act of obtaining (or the attempt of obtaining) a certain amount of currency in accordance with a contract that promises the later exchange of equated assets, which ultimately never arrive, is a type of fraud, known as commodities fraud. [12]