Financial Crime World

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Financial Regulatory Bodies in Tanzania, United Republic of

Tanzania’s financial sector is governed by several regulatory bodies that work together to ensure stability and growth of the economy.

East African Member States Securities and Regulatory Authorities (EASRA)

Established in 1997 through a Memorandum of Understanding between Kenya, Uganda, and Tanzania, EASRA has three standing committees:

  • Legal Issues Committee
  • Market Supervision and Risk Management Committee
  • Market Development Committee

The committee’s main objective is to facilitate the harmonization of securities laws among East African member states, promote information sharing and cooperation among members, and provide mutual assistance to its member states in developing capital markets institutions.

Capital Markets and Securities Authority (CMSA)

Another regulatory body in Tanzania is the CMSA, responsible for regulating and supervising the country’s capital markets. The CMSA works closely with EASRA and other regional bodies to ensure that financial regulations are consistent and effective.

East Africa Community Capital Markets, Insurance, and Pension Committee (CMIPC)

The CMIPC was established under the auspices of the East African Community to regulate and integrate the securities, insurance, and social security sectors in the region.

International Organization of Securities Commissions (IOSCO)

Tanzania is a member of IOSCO, which has its headquarters in Madrid. The main objectives of IOSCO are:

  • Protect investors
  • Ensure markets are fair, efficient, and transparent
  • Reduce systemic risk

Chartered Institute for Securities & Investment (CISI)

The CISI is another important body in Tanzania. It is a leading professional body for securities, investment, wealth, and financial planning professionals, with circa 45,000 members in 104 countries.

Eastern and Southern African Anti-Money Laundering Group (ESAAMLG)

Tanzania is also a member of ESAAMLG, which was founded in 1999 to combat money laundering and terrorism financing. The group’s efforts aim at:

  • Cooperation with other international organizations concerned with combating money laundering and terrorist financing
  • Studying regional typologies
  • Coordinating technical assistance

Conclusion

Tanzania has a robust regulatory framework in place to ensure the stability and growth of its financial sector. The country is a member of several regional and international bodies that work together to promote financial regulation and cooperation.