Banks will lose licenses for money laundering - Uhuru

President Uhuru Kenyatta during a past media briefing. PHOTO | FILE. 

By BD REPORTER

President Uhuru Kenyatta has warned commercial banks involved in money laundering that they risk losing their licenses.

The President said in his annual address to the nation that in his meeting with the central bank governor they agreed that banks engaging in the vice will be shut.

"From today, we have agreed that those banks that break our anti-money laundering laws and regulations will at a minimum lose their banking license,"

The President declared corruption as a threat to national security.