Financial Crime World

Tanzania’s Progress in Strengthening AML/CFT Measures Echoed in Latest FUR Report

Dar es Salaam, Tanzania - The East African Anti-Money Laundering Group (ESAAMLG) has released a Follow-up Report (FUR) highlighting Tanzania’s progress in strengthening its anti-money laundering and counter-terrorism financing (AML/CFT) measures.

Significant Progress Made by Tanzania

According to the report, published on December 4, 2023, Tanzania has made significant overall progress in addressing technical compliance shortcomings identified in its previous Mutual Evaluation Report. The country has resolved deficiencies related to seven recommendations, with five upgraded to Compliant or Largely Compliant ratings.

AML/CFT Framework

Tanzania’s AML/CFT framework was initially evaluated in 2009, with the country receiving a comprehensive report highlighting areas of deficiency and providing recommendations for improvement. Since then, the country has implemented various reforms aimed at strengthening its AML/CFT regime.

Progress Made in Addressing Deficiencies

The FUR report notes that Tanzania has made progress in addressing deficiencies against Recommendations 10, 13, 18, and 19, among others. The country’s rating for these recommendations has been revised, with some upgraded to Compliant or Largely Compliant.

  • Recommendations 10, 13, 18, and 19: Tanzania has made significant progress in addressing deficiencies related to these recommendations, which have been upgraded to Compliant or Largely Compliant ratings.
  • Remaining Shortcomings: However, the report also identifies remaining shortcomings, particularly related to Recommendations 6, 12, and 17, which are still rated Partially Compliant due to moderate deficiencies.

Enhanced Follow-up Process

Tanzania will continue to remain in an enhanced follow-up process, with regular reporting requirements to ESAAMLG on its progress in improving the implementation of its AML/CFT measures.

Commitment to Strengthening AML/CFT Regime

The FUR report is a testament to Tanzania’s commitment to strengthening its AML/CFT regime and meeting international standards. The country’s efforts are aimed at preventing the misuse of its financial system for illicit activities, such as money laundering and terrorist financing.