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Nyakang’o reveals how counties’ borrowing spree to pay salaries has been stopped

Controller of Budget Margaret Nyakang’o has said county governments should no longer borrow money to pay salaries following the integration of payroll systems with the Integrated Financial Management…

  • Controller of Budget Margaret Nyakang’o announced counties must stop borrowing to pay salaries.
  • Integration of payroll systems with IFMIS and more frequent Treasury disbursements ended borrowing.
  • Outstanding salary arrears of Ksh100.24 billion remain with counties post-reforms.

Bank of America hit with $1.2bn fine for money laundering failings

Bank of America has been fined $1.2bn (£910m) for failing to detect potential money laundering and other illegal activity, the US Treasury Department said on Tuesday. The banking giant failed to report over $5bn in suspicious activity to the government, $1bn of which posed national security and illicit finance risks, the Treasury said.

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