Financial Crime World

Tanzania’s Financial Crimes Investigation Agencies Take Centre Stage in Fight Against Corruption

In a significant move to strengthen its efforts against financial crimes, the United Republic of Tanzania has revised guidelines on targeted financial sanctions aimed at combating money laundering, terrorism financing, and other forms of financial malfeasance. This development is seen as a major step forward in the country’s fight against corruption.

New Guidelines on Targeted Financial Sanctions

The revised guidelines have been issued by the Financial Intelligence Unit (FIU), the Tanzania Revenue Authority (TRA), and the Bank of Tanzania (BOT). These three institutions have joined forces to strengthen their coordination and information sharing to more effectively detect and prevent financial crimes.

Broader Strategy Against Financial Crimes

The revised guidelines are part of a broader strategy aimed at combating money laundering, terrorism financing, and other forms of financial malfeasance. This strategy involves the implementation of new regulations and laws, as well as increased cooperation between government agencies and international partners.

Recent Developments

  • The Tanzania Financial Intelligence Unit (FIU) has released its latest report on anti-money laundering and combating the financing of terrorism (AML/CFT/CPF), highlighting the country’s progress in implementing AML/CFT/CPF measures and identifying areas where improvements can be made.
  • The FIU’s National AML/CFT/CPF Statistics Management System Questionnaire is now available, providing a platform for financial institutions to submit their data on anti-money laundering and combating the financing of terrorism efforts.
  • Non-Profit Organizations (NPOs) are being encouraged to conduct risk assessments to identify potential vulnerabilities to terrorist financing. The TF Risk Assessment Guidelines for NPOs have been released by the FIU, providing a framework for NPOs to assess their own risk profiles and take steps to mitigate any identified risks.

National Countering Terrorism Financing (CTF) Strategy

The government has launched its National CTF Strategy 2023/24-2027/28, which outlines the country’s approach to countering terrorist financing. The strategy emphasizes the need for cooperation between government agencies, international partners, and civil society organizations in order to effectively combat terrorism financing.

Recent Regulations and Notices

  • The Prevention of Terrorism (General) (Amendments) Regulations, 2023 have been published, providing new powers for law enforcement agencies to investigate and prosecute terrorism-related crimes.
  • The Anti-Money Laundering Proceeds of Crime (Amendment) Regulations, 2023 have also been issued, strengthening the country’s anti-money laundering regime and providing new powers for law enforcement agencies to investigate and prosecute money laundering cases.
  • A Notice on the Anti-Money Laundering (AML) has been published, providing guidance on AML requirements for financial institutions. The notice emphasizes the importance of implementing effective AML controls in order to prevent money laundering and terrorist financing.

Conclusion

The revised guidelines on targeted financial sanctions and other initiatives aimed at combating financial crimes are seen as major steps forward in Tanzania’s efforts to combat corruption and protect its financial system.