Financial Crime World

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Tanzania, United Republic of: AML/CFT Regulatory Bodies and Framework

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In an effort to combat money laundering and terrorist financing, Tanzania has put in place a robust Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework. The country’s regulatory bodies play a crucial role in ensuring compliance with international standards and preventing financial crimes.

Legislation

Tanzania has enacted various laws to combat money laundering and terrorist financing, including:

  • The Anti-Money Laundering Act, Cap. 423 of 2006 (AMLA) for Tanzania Mainland
  • The Written Laws (Miscellaneous Amendments) Act, No. 2 of 2016, which amended the AMLA
  • The Anti-Money Laundering and Proceeds of Crime Act, No. 10 of 2009 (AMLPOCA) for Tanzania Zanzibar
  • The Written Laws (Miscellaneous Amendment) Act No. 12 of 2011, which amended the AMLPOCA

Regulations

The country has also issued various regulations to support the implementation of AML/CFT measures, including:

  • AML Regulations, June 2022
  • Prevention of Terrorism Regulations, May 2022
  • The Anti-Money Laundering (Electronic Funds Transfer and Cash Transactions Reporting) Regulations, 2019
  • The Anti-Money Laundering (Amendment) Regulations, 2019

Guidelines

In addition to legislation and regulations, Tanzania has issued various guidelines to support AML/CFT compliance, including:

  • Revised Guidelines on Targeted Financial Sanctions
  • AML/CFT Compliance guide on obligations of DNFBPS
  • AML/CFT Risk Assessment Guideline
  • Targeted Financial Sanctions Guideline
  • Guidelines for Verification of Customers’ Identities
  • Anti-Money Laundering Guidelines for Banking Institutions
  • Anti-Money Laundering Guidelines for Accountants and Auditors (Issued by NBAA)
  • Anti-Money Laundering Guidelines for Bank of Tanzania
  • Anti-Money Laundering and Counter-Terrorist Financing Guidelines to Insurers

Conclusion

Tanzania’s AML/CFT framework is designed to prevent financial crimes and protect the country’s financial system. The country’s regulatory bodies play a critical role in ensuring compliance with international standards and preventing financial crimes.