Financial Crime World

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Financial Crime in Tanzania: A Comprehensive Guide

Tanzania, a country located in East Africa, has taken significant steps to combat financial crime by enacting and enforcing various anti-money laundering (AML) and combating the financing of terrorism (CFT) laws, regulations, and guidelines. In this article, we will delve into the details of these measures to understand the scope of financial crime in Tanzania.

Legislation

The primary legislation governing AML/CFT in Tanzania’s mainland is the Anti-Money Laundering Act, Cap. 423 of 2006. The act has undergone several amendments, including those made in March 2022. In Zanzibar, the Anti-Money Laundering and Proceeds of Crime Act, No. 10 of 2009, is applicable.

Regulations

The Bank of Tanzania has issued various regulations to implement AML/CFT measures. These include:

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

Additionally, other regulatory bodies have issued guidelines specific to their industries.

Guidelines

The Bank of Tanzania has also issued several guidelines to ensure AML/CFT compliance. These include:

  • Revised Guidelines on Targeted Financial Sanctions
  • Anti-Money Laundering Guidelines for Banking Institutions
  • Anti-Money Laundering Guidelines for Accountants and Auditors

Other Relevant Laws

Several other laws are relevant to financial crime in Tanzania, including:

  • Proceeds of Crime Act, Cap. 256, 1991
  • Prevention of Terrorism Act, Cap. 19, 2002
  • Mutual Assistance in Criminal Matters Act, Cap. 254, 1991
  • Extradition Act, Cap. 368, 1965

Conclusion

In conclusion, Tanzania has a comprehensive legal framework to combat financial crime, including AML/CFT legislation, regulations, and guidelines. The country’s regulatory bodies have taken significant steps to implement these measures, ensuring that financial institutions and other entities comply with anti-money laundering and combating the financing of terrorism requirements.