Connect with us

Articles

Kenyan central bank withdraws high-value notes as part of efforts to fight corruption and money laundering

Published

on

Kenyan central bank withdraws high-value banknotes

The Central Bank of Kenya (CBK) has announced that it will withdraw 1,000-shilling ($10) notes from circulation at the beginning of October as part of the country’s efforts to combat widespread counterfeiting, money laundering and corruption.

Unveiling a range of new banknotes that are scheduled to be introduced to the country’s economy over the next few months, CBK Governor Patrick Njoroge said Kenyan citizens wishing to exchange 1,000-shilling notes must do so before 1 October, after which point they will cease to be legal tender.

Announcing the new bank notes during a press conference, Njoroge said: “[W]e have assessed the grave concern that our large banknotes—particularly the older 1,000-shilling series—are being used for illicit financial flows in Kenya and also other countries in the region.

“More recently we have seen the emergence of some counterfeits. These are grave concerns that would jeopardise proper transactions and the conduct of commerce in our currency.”

The withdrawal of the notes comes after President Uhuru Kenyatta vowed to crack down on corruption when came to power in 2013.

His critics have accused him of being slow to do so, noting the government’s failure to pursue top officials accused of financial wrongdoing.

Opposition MPs were quick to welcome the removal of larger notes from circulation, with some suggesting they should be withdrawn before the scheduled 1 October deadline.

Orange Democratic Movement Party (ODM) Chair John Mbadi has reportedly called for the 1,000- shilling notes to be taken out of circulation by 1 August, arguing that bringing the deadline forward would further curb illicit financial transactions and currency counterfeiting.

“The economy of the country has been distorted by black market activities that involve money,” Capital FM Kenya quotes Mbadi as saying.

“We expect a gazette notice to be issued to that effect so that we do not give room for people who have been operating and handling illicit money in this country from having time to clean and sanitise the same.”

Back in November 2016, the Indian government announced the withdrawal of 500 ($7.21) and 1,000 rupee banknotes in a move that was also intended to crack down on corruption and money laundering.

It was hoped at the time that the withdrawal of the notes would help eliminate counterfeit currency used by terrorist organisations active in the country.

Almost a year later, Indian Minister of Home Affairs Rajnath Singh cautioned that high-quality counterfeit banknotes were continuing to fund terrorism in his country.

Continue Reading

Articles

European police agencies seize 550 tonnes of counterfeit pesticides in latest edition of Operation Silver Axe

Published

on

550 tonnes of counterfeit pesticides

The latest instalment of a Europol-coordinated operation targeting agricultural fraudsters has resulted in the seizure of 550 tonnes of counterfeit pesticides across Europe and the arrest of three individuals.

Now in its fourth year, Operation Silver Axe, which is supported by the European Anti-Fraud Office (OLAF) and involves law enforcement agencies in nearly 30 countries, saw investigators in search of fake pesticides carry out inspections at major seaports, airports and land borders.

Law enforcement officials in 29 participating nations also searched production and repackaging facilities looking for pesticide products that had not been tested to make sure they pose no risk to the environment or the health and safety of users, consumers and members of the public.

First launched in 2012, Operation Silver Axe is also intended to target the sale of counterfeit pesticides that infringe intellectual property rights such as trademarks, patents and copyright.

The bogus pesticides seized during this year’s operation would have been enough to spray 49,000km2 (30,447m2), an area the equivalent to the whole of Estonia.

Ahead of this year’s operation, OLAF provided participating nations with intelligence on 120 suspicious shipments of pesticides transported into member states.

Last year’s operation, which took place across 27 countries, saw investigators confiscate some 360 tonnes of illegal or counterfeit pesticides.

Since its inception seven years ago, Operation Silver Axe has resulted in 1,222 tonnes of illegal and fake counterfeit products being removed from circulation.

In a statement, Hans Mattaar, Technical Director of the European Crop Care Association (ECCA) said: “Every new Silver Axe operation shows how improving cooperation between law enforcement agencies leads to more efficiency in the fight against illegal pesticides.

“ECCA is pleased to see the result of Silver Axe IV, but at the same time concerned about the ongoing illegal business.

“We look forward to continuing our contribution to Europol in broadening the scope of Silver Axe.

“To increasing the pressure is the only way to discourage to discourage the criminal organisations behind this illegal trade.”

According to the European Crop Protection Association, the illicit global trade in counterfeit pesticides is growing at a swift rate, with increasing amounts of bogus agricultural products being sold to farmers across the globe by organised criminal networks.

The agency warns that fake pesticide products could be made from chemicals that are banned or restricted, and may lead to the total loss of treated crops, potentially compromising the livelihood of farmers.

It is estimated that counterfeit pesticides make up some 15% of the global $60 billion crop protection market.

Continue Reading

Articles

Criminal money mule recruiters increasingly targeting middle-aged Britons, UK fraud prevention agency finds

Published

on

money mule recruiters increasingly targeting middle-aged Britons

A new report from UK fraud prevention service Cifas has revealed that criminals ae increasingly targeting middle-aged Britons in a bid to persuade them to act as money mules.

In the latest edition of its annual Fraudscape study, Cifas said that it received more than 40,000 cases which “bore the hallmarks” of money mule activity in 2018, which was up 26% compared to the previous year.

While a rise in money mule activity was recorded across all age groups, the largest increase (35%) was seen among those aged between 41 and 60 last year.

Money mules agree to allow their bank accounts to be used by criminals to launder the proceeds of their illegal activities, and are typically offered a cut of the money they move as a commission, or high-value items such as expensive trainers in return.

Recruiters typically target potential mules online via social media platforms, historically seeking out young male victims who might be in financial difficulty, such as the unemployed or students.

While Cifas’ latest report shows that young people under the age of 30 are still by far the primary target of money mule recruiters, last year saw a marked rise in the number of older people becoming involved in the crime, albeit from a very low starting point.

More widely, the report reveals that Cifas members recorded almost 324,000 cases of fraud last year, which was up 6% on 2017.

Commenting on the contents of the study, Cifas CEO Mike Haley said: “Fraud in the UK continues to rise and fraudsters are constantly finding new methods of committing fraud.

“From identity theft through to using the young and naïve as money mules to launder money, the economic and social harm to the nation is growing.

“The only way to fight the threat is to combine communication and collaboration, working together to present a united front against the perpetrators.”

Acting as a money mule might seem like an easy way to make some quick cash, but those caught allowing their accounts to be used for the laundering of the proceeds of criminal activities can face stiff penalties, and will rarely be able to plead ignorance if they are caught.

Back in April of this year, police in Ireland warned students thinking of acting as money mules that they could face as many as 14 years behind bars if they allowed their bank accounts to be used by criminals to launder money.

Continue Reading

Articles

Wastewater analysis shows Australians taking more methamphetamine, heroin and MDMA

Published

on

wastewater analysis shows Australians taking more methamphetamine

Consumption of heroin and MDMA has risen to the highest levels ever recorded in Australia by an annual study that measures the presence of illicit substances in the country’s wastewater.

The seventh National Wastewater Drug Monitoring Programme report, released by the Australian Criminal Intelligence Commission (ACIC), also showed that Australians now use twice as much methamphetamine as any other illicit drug.

According to the study, Australia ranks second for methamphetamine and MDMA use among 25 countries that produce comparable stimulant data, but has relatively low comparative cocaine consumption.

The study revealed that while the consumption of nicotine and alcohol fell across the country in the 12 months to December last year, use of methamphetamine continued to outstrip the consumption of all other illicit drug types and pharmaceuticals.

The report estimates that Australia’s annual consumption of methamphetamine has reached nearly 10 tonnes, which compares to just over four tonnes of cocaine, and 750kgs of heroin.

Australian drug users are thought to favour synthetic narcotics on account of the cost and expense of shipping substances such as heroin and cocaine into the country from the regions in which they are grown.

The study also found that while use of synthetic opioid fentanyl plateaued in the final six months of 2018, oxycodone consumption rose over the same period.

On a regional basis, South and Western Australia were found to have the highest average use of methamphetamine, while Victoria had the highest rate of heroin consumption, and New South Wales the top level of cocaine use.

Unveiling the latest edition of the report, Australian Criminal Intelligence Commission Chief Executive Officer Michael Phelan said: “The Australian community continues to consume illicit drugs at concerning levels and the National Wastewater Drug Monitoring Program is providing an important, unified and consistent guiding tool for developing holistic drug responses.

“We are only now starting to realise the full benefits of the ongoing programme.”

The study found that average heroin consumption decreased in both capital city and regional areas, while average cannabis consumption increased in both city and regional sites.

The ACIC noted that the report covered 54% of the Australian population, which equates to about 12.6 million people, and that 50 wastewater treatment plants across Australia participated in the December 2018 collection, monitoring the consumption of 13 substances.

Earlier this month, the Australian Border Force (ABF) announced that it had seized 1.6 tonnes of methamphetamine, which was said to have been the largest shipment of the drug ever discovered in the country.

Continue Reading

Newsletter

Sign up for our mailing list to receive updates and information on events

Social Widget

Latest articles

Press review

Follow us on Twitter

Trending

Shares