Tanzania Unveils Comprehensive Strategy to Combat Money Laundering, Terrorism Financing, and Proliferation Financing
Date: March 16, 2023
The United Republic of Tanzania has launched a revamped strategy aimed at safeguarding its financial sector from the harmful effects of money laundering, terrorism financing, and proliferation financing. The National Anti-Money Laundering, Countering the Financing of Terrorism, and Combating Proliferation Financing (AML/CFT/CPF) Strategy 2022/23-2026/27 is designed to ensure that Tanzania’s AML/CFT/CPF regime aligns with international standards.
A New Era in Combatting Financial Crimes
According to Vice Chairperson of the National Anti-Money Launderling and Countering the Financing of Terrorism Committee and Commissioner for Financial Intelligence Unit, Fatma Ayoub Simba, the strategy represents a revitalized effort by the government to combat these vices effectively and efficiently.
Perpetrators’ Tactics
“Perpetrators of money laundering hide the sources of criminal proceeds in order to evade law enforcement agencies and further their criminal activities,” she said.
The Strategy’s Framework
The AML/CFT/CPF Strategy 2022/23-2026/27 is composed of six chapters, which cover:
- Introductory matters
- Situational analysis of the country’s geo-economic situation
- Stakeholders’ roles and expectations
- Vision, mission, and objectives of the strategy
Key stakeholders, including government ministries, independent departments and agencies, the private sector, researchers, academicians, development partners, and civil society organizations, have been consulted during the formulation process. The strategy also highlights core issues and assigns duties and responsibilities to ensure effective implementation and monitoring.
A Significant Step Forward
The launch of this comprehensive strategy is a significant step forward in Tanzania’s efforts to combat money laundering, terrorism financing, and proliferation financing. With its implementation, the country hopes to prevent these vices from undermining its financial stability and integrity.