Financial Crime World

Tanzania Unveils New Strategy to Combat Terrorist Financing

Strengthening Counter-Terrorist Financing Efforts

Dar es Salaam - The United Republic of Tanzania has launched a new Counter-terrorist Financing (CTF) Strategy aimed at achieving minimal terrorist financing and eliminating the crime completely. This strategic approach is designed to foster cooperation and coordination among stakeholders, effectively combating terrorist financing and proliferation financing in the country.

Key Objectives

The strategy is based on eight objectives, which include:

  • Enhancing the CFT framework in Tanzania
  • Facilitating prevention, detection, and deterrence of terrorist financing
  • Aligning Tanzania’s CTF regime to regional and international agreements and standards
  • Taking into consideration findings from previous risk assessments and evaluations

National Multi-Disciplinary Committee on Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (NAMDC)

The National Multi-Disciplinary Committee on Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (NAMDC) will be the coordinating organ of the strategy. Dr. Mwigulu Lameck Nchemba Madelu, Minister for Finance and Planning, emphasized that the strategy is a revitalized effort to safeguard society, economic, and financial sectors from the harmful effects of terrorist financing.

International Cooperation

The international community has played a significant role in combating terrorist financing, with measures such as:

  • The creation of the Financial Action Task Force (FATF)
  • Development of standards to combat terrorist financing crimes
  • Enactment of laws criminalizing money laundering, terrorist financing, and proliferation financing

Tanzania is among the founding members of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), which currently has 20 member countries.

Domestication of International Agreements and Standards

To domesticate international agreements and standards, Tanzania has enacted various laws that criminalize money laundering, terrorist financing, and proliferation financing. Designated institutions are responsible for applying TF preventive measures and ensuring legal action is taken against TF perpetrators.

Expected Outcomes

The new strategy is expected to enhance the country’s efforts in combating terrorist financing and promoting financial stability and economic growth.

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