Financial Crime World

Tanzania Steps Up Efforts to Combat Terrorist Financing

In a bid to achieve minimal terrorist financing and eliminate the crime completely, the United Republic of Tanzania (URT) has launched a comprehensive Counter-Terrorist Financing (CTF) Strategy for the period 2023/24-2027/28.

Strategy Unveiled

The strategy was unveiled by Dr. Mwigulu Lameck Nchemba Madelu, Minister for Finance and Planning, with the aim of fostering cooperation and coordination among stakeholders to effectively combat terrorist financing and proliferation financing in Tanzania.

Objectives

According to Sauda K. Msemo, Chairperson of the National Multi-Disciplinary Committee on Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (NAMDC) and Deputy Governor of the Bank of Tanzania, the strategy is based on eight objectives to enhance the CTF framework in Tanzania, facilitate prevention, detection, and deterrence of terrorist financing.

  • Enhance the CTF framework in Tanzania
  • Facilitate prevention, detection, and deterrence of terrorist financing
  • Align with national policies, strategies, and frameworks
  • Ensure compliance with regional and international agreements and standards

Strategy Development

The strategy takes into consideration findings of the National Money Laundering and Terrorist Financing Risk Assessment of 2016 as revised in 2022, the Terrorist Financing Risk Assessment of 2023, and the second round Mutual Evaluation of 2021. It also aligns with other national policies, strategies, and frameworks, including:

  • The National AML/CTF/CFP Strategy 2022-2027
  • Tanzania Development Vision 2025
  • And others

Terrorist Financing: A Global Problem

Terrorist financing is a serious crime that can undermine the rule of law, social justice, peace, and security, leading to financial instability and economic failure. It is a transnational and global problem that requires cooperation among countries to combat effectively.

International Cooperation

The United Nations has developed measures to combat terrorist financing, including:

  • The creation of the Financial Action Task Force (FATF), which sets standards to combat terrorist financing crimes
  • Tanzania’s membership in the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), a regional body that aims to facilitate compliance with the FATF’s Standards

URT Enacts Laws

URT has also enacted various laws to criminalize money laundering, terrorist financing, and proliferation financing, as well as designate institutions such as:

  • Regulators
  • Law enforcement agencies
  • Reporting persons
  • To apply TF preventive measures and ensure legal action is taken against TF perpetrators.