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Tanzania: The Laws of Money Laundering Explained

In an effort to combat money laundering and other financial crimes, the United Republic of Tanzania has put in place regulations governing the declaration of currency and bearer negotiable instruments (BNI) when entering or departing the country. This article delves into the laws surrounding money laundering in Tanzania and what it means for travelers.

What You Need to Know

According to the Anti-Money Laundering (Cross-Border Declaration of Currency and Bearing Negotiable Instruments) Regulations of 2016, any person carrying currency or BNI amounting to Ten Thousand US Dollars (USD 10,000) or more must declare it at the customs authority. This regulation is aimed at preventing money laundering and other financial crimes.

Definitions

• Bearer negotiable instrument (BNI): Any written instrument that is payable to the bearer of the instrument or to the order of the bearer, including but not limited to:
  • Cheques
  • Drafts
  • Bills of exchange
  • Promissory notes
  • Traveler’s cheques

Consequences of Non-Compliance

Failure to declare currency or BNI amounting to USD 10,000 or more can result in severe penalties, including:

• Fines
• Imprisonment

Customs officers are also empowered to search persons and their belongings if they suspect that a person has not declared currency or BNI.

Purpose of the Regulations

The laws of money laundering in Tanzania are designed to prevent the misuse of financial systems for illegal activities such as:

• Terrorism financing
• Organized crime

By declaring currency and BNI, travelers can avoid legal sanctions and help combat these types of crimes.

Conclusion

It is essential for travelers intending to depart or enter the borders of United Republic of Tanzania to abide by this Regulation in order to avoid any legal sanctions as a result of failing to declare, or declaring inaccurate currency or BNI amounting to USD 10,000 or more.