Financial Crime World

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Tanzania Scores Mixed Grades in Fighting Financial Crime, Says Report

Dar es Salaam, Tanzania - A report released today by financial authorities has given Tanzania a mixed review on its efforts to combat financial crime and implement anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.

Areas of Strength

The country scored high marks in several areas, including:

  • Assessing risk and applying a risk-based approach
  • Customer due diligence
  • Record-keeping

Areas for Improvement

However, Tanzania fell short in other key areas such as:

  • National cooperation and coordination among law enforcement agencies
  • Confiscation and provisional measures
  • Powers of supervisors

Compliance Status

According to the report, Tanzania is partially compliant with FATF Recommendations R.1, R.10, R.11, R.13, R.16, R.22, R.26, R.31, R.32, and R.33.

In other areas, Tanzania was found to be largely compliant with Recommendations R.3, R.4, R.5, R.7, R.9, R.14, R.19, and R.27.

However, it was non-compliant with Recommendations R.2, R.6, R.8, R.12, R.15, R.17, R.18, R.20, R.21, R.23, R.24, R.25, R.28, R.29, R.30, and R.37-40.

Call to Action

Financial experts say that combating financial crime is crucial for maintaining economic stability and preventing illegal activities such as money laundering and terrorist financing.

“Tanzania’s efforts to combat financial crime are commendable, but there is still much work to be done,” said a leading expert in the field. “The country needs to prioritize implementing effective AML/CFT regulations and strengthening its supervisory authorities.”

Government Response

In response to the report, Tanzania’s government has pledged to take immediate action to address the identified weaknesses and improve its anti-money laundering and counter-terrorism financing regime.

Overall, while Tanzania has made some progress in combating financial crime, there is still much work to be done to strengthen its AML/CFT regulations and prevent illegal activities.