Tanzania Makes Significant Progress in AML Training for Financial Professionals
Dar es Salaam, Tanzania - A Follow-up Report by the East African Supervisory Authority of Anti-Money Laundering and Combating the Financing of Terrorism (ESAAMLG)
The East African Supervisory Authority of Anti-Money Laundering and Combating the Financing of Terrorism (ESAAMLG) has released a follow-up report highlighting significant progress made by Tanzania in strengthening its anti-money laundering (AML) and counter-terrorist financing measures.
Progress Made in Addressing Technical Compliance Shortcomings
According to the report, Tanzania has made substantial strides in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. The country has resolved deficiencies related to:
- Recommendation 10: Improving international cooperation
- Recommendation 13: Enhancing customer due diligence
- Recommendation 18: Monitoring and reporting suspicious transactions
- Recommendation 19: Implementing measures to prevent the use of shell banks
As a result, Tanzania’s ratings have been upgraded to Compliant or Largely Compliant for these recommendations.
Progress in Implementing AML/CFT Measures
Tanzania has made progress in implementing its AML/CFT framework, which includes:
- Establishing a Financial Intelligence Unit
- Creating a National Multidisciplinary Committee on Anti-Money Laundering
- Issuing AML regulations and imposing AML/CFT obligations on reporting persons, including financial institutions and designated non-financial businesses and professions
Remaining Shortcomings
However, moderate shortcomings still remain on:
- Recommendation 6: Improving transparency of beneficial ownership information
- Recommendation 12: Implementing measures to prevent the use of shell banks
- Recommendation 17: Enhancing customer due diligence for correspondent banking relationships
These ratings have been revised to Partially Compliant.
Current Status
Tanzania is currently:
- Compliant with four out of 40 FATF recommendations
- Largely compliant with 11 recommendations
- Non-compliant with nine recommendations
- Partially compliant with 16 recommendations
The country will continue to remain in enhanced follow-up status and will provide regular updates to ESAAMLG on its progress in improving the implementation of its AML/CFT measures.
Full Report Available for Download
The full report is available for download on the ESAAMLG website.