Financial Crime World

Tanzania Cracks Down on Anti-Money Laundering Offenses in Electronic Money Transactions

The Police Force of Tanzania has launched a crackdown on anti-money laundering (AML) offenses in electronic money transactions to combat financial crimes.

Investigation and Intelligence Gathering

According to sources within the Police Force, the Criminal Investigation Department (CID) is leading the investigation into AML offenses. The Crime Intelligence Unit plays a crucial role in gathering intelligence and assisting other operational components in combating financial crimes.

National Counter Terrorism Center’s Role

The National Counter Terrorism Center (NCTC), established in 2008, has been working closely with the CID to educate Tanzanians about the threat of terrorism and its links to money laundering.

Consequences for AML Offenses

Under Tanzania’s Anti-Money Laundering Act, individuals and entities found guilty of AML offenses can face severe penalties, including imprisonment, fines, or both.

Key Agencies Involved

  • The Financial Intelligence Unit (FIU) is responsible for maintaining a list of sanctioned individuals and entities.
  • The Ministry of Finance has the authority to grant exemptions from financial sanctions to specific entities or individuals.
  • The National Multi-disciplinary Committee on Anti-Money Laundering, established under the Prevention and Combating of Corruption Bureau (PCCB), plays a key role in coordinating efforts to combat AML offenses.
  • The Director of Public Prosecution’s Office is responsible for directing investigative organs on matters related to crime investigation, including AML offenses.

Challenges Ahead

Despite these efforts, a report by the Tanzania Mutual Evaluation Details Report on Anti-Money Laundering and Combating the Financing of Terrorism suggests that there have been no cases of terrorist financing investigated or prosecuted in the country.

Measures to Combat AML Offenses

The Tanzanian government has implemented various measures to combat AML offenses, including:

  • Arms embargoes
  • Financial sanctions
  • Travel bans
  • Import/export bans
  • Breach of these sanctions can result in criminal charges punishable by imprisonment, fines, or both.

Contact Information

For more information on Tanzania’s anti-money laundering regime, contact the Financial Intelligence Unit at info@fiu.go.tz or visit their website at www.fiu.go.tz.