Home business How Court Documents has Exposed Gideon Muriuki’s Co-operative Bank for Having Most...

How Court Documents has Exposed Gideon Muriuki’s Co-operative Bank for Having Most Money Laundering Cases

Gideon Muriuki

An Anti-corruption court in Nairobi has laid bare how top corporates in Kenya have been engaging in money laundering with the full glare of watchdogs and regulators in what insiders say has been a harvesting paradise for them in form of kick-backs

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Top with many serious charges on money laundering is Co-operative Bank of Kenya run by reclusive billionaire banker turned pastor and motivational speaker Gideon Muriuki with four active cases closely followed by Equity Bank that has two cases, Family Bank with one case, Absa with Standard Chartered Bank and Safaricom following the cue.‘’

As usual Co-operative Bank takes the lead in the list, ironically for a big bank that is led by a pastor and now you can see for yourself how ironical it is.”The other thing you should look at is all of the other companies mentioned are big corporates which for many years have been talking and preaching about the integrity and good corporate governance,’’ a bank insider told this writer.

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The money laundering case is filed at Milimani Court and the mention took place on December 14, 2023.We could not immediately verify whether the new cases are fresh or are linked to the roles the banks and corporates played in the money laundering saga during the National Youth Service heist.Few years ago, the Central Bank of Kenya fined five top banks millions for their role in handling more than $35 million stolen from the National Youth Service (NYS) funds.The banking regulator by then said that it had concluded its first phase of investigations of the banks that were used by persons suspected of transacting illegally with the NYS.

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“The investigations prioritised banks that handled the largest flows, namely; Standard Chartered Bank Kenya Ltd, Equity Bank Kenya Ltd, KCB Bank Kenya Ltd, Co-operative Bank of Kenya Ltd, and Diamond Trust Bank Kenya Ltd,” said CBK in a statement.

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The lenders were found to have violated the anti-money laundering and combating financing of terrorism laws and regulations by failing to report large cash transactions, failure to undertake adequate customer due diligence, lack of supporting documentation for large transactions, and lapses in reporting of suspicious transaction reports to the Financial Reporting Centre.

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