Financial Crime World

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TANZANIA, UNITED REPUBLIC OF: Banking Regulations for Anti-Money Laundering

In a bid to combat financial crimes and maintain transparency in the country’s financial sector, Tanzania has put in place several regulations and guidelines aimed at preventing money laundering and combating the financing of terrorism (AML/CFT). This article provides an overview of these regulations and guidelines.

Legislation

The primary legislation in Tanzania that sets out the framework for AML/CFT measures is the Anti-Money Laundering Act (Cap. 423) of 2006, also known as AMLA. The act has been amended several times, with the most recent amendments being made in March 2022.

In Zanzibar, the relevant legislation is the Anti-Money Laundering and Proceeds of Crime Act (No. 10) of 2009, also known as AMLPOCA. It has also undergone amendments, with the latest being made in March 2022.

Regulations

The Bank of Tanzania, the country’s central bank, has issued several regulations aimed at implementing AML/CFT measures in the financial sector. These include:

  • Anti-Money Laundering Regulations (2023), which came into effect in January 2023
  • Prevention of Terrorism Regulations (2022)
  • Anti-Money Laundering (Electronic Funds Transfer and Cash Transactions Reporting) Regulations (2019)
  • Anti-Money Laundering (Cross-Border Declaration of Currency and Bearer Negotiable Instruments) Regulations (2016)
  • Anti-Money Laundering and Proceeds of Crime (AMLPOCA) Regulations (2015)

Guidelines

In addition to legislation and regulations, several guidelines have been issued by various authorities to provide further guidance on AML/CFT measures. These include:

  • Revised Guidelines on Targeted Financial Sanctions
  • AML/ CFT Compliance Guide on Obligations of DNFBPS
  • AML/CFT Risk Assessment Guideline

Other guidelines cover specific sectors or industries, such as:

  • Banking institutions
  • Accountants and auditors
  • Insurers
  • Collective investment schemes

Key Takeaways

Tanzania has a robust legislative framework in place to combat money laundering and terrorism financing. The country’s central bank has issued several regulations aimed at implementing AML/CFT measures in the financial sector, while various guidelines have been issued by authorities to provide further guidance on these measures.

The implementation of these regulations and guidelines is critical to maintaining transparency and integrity in Tanzania’s financial sector, as well as preventing financial crimes.