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Financial Crime Definition Takes Center Stage in Tanzania, United Republic of
In a move aimed at combating financial crime, the Tanzanian government has put in place a robust legislative framework to prevent money laundering and financing of terrorism.
AML/CFT Legislation
The Anti-Money Laundering Act, Cap 423 of 2006, which came into effect in Tanzania Mainland, has been amended several times to enhance its effectiveness. The latest amendment was made in March 2022. Similarly, the Anti-Money Laundering and Proceeds of Crime Act, No. 10 of 2009, which applies to Tanzania Zanzibar, has also undergone amendments.
AML/CFT Regulations
In addition to legislation, regulations have been put in place to guide financial institutions and other stakeholders in their AML/CFT obligations. The Anti-Money Laundering Regulations, 2023, are the latest set of guidelines issued by the government. Other regulations include:
- Prevention of Terrorism Regulations, 2022
- Anti-Money Laundering (Electronic Funds Transfer and Cash Transactions Reporting) Regulations, 2019
AML-Related Legislation
Several other laws have been enacted to combat financial crime in Tanzania, including:
- Proceeds of Crime Act, Cap 256 of 1991 (applying to Tanzania Mainland)
- Prevention of Terrorism Act, Cap 19 of 2002
- Mutual Assistance in Criminal Matters Act, Cap 254 of 1991
AML/CFT Guidelines
The government has also issued guidelines to guide financial institutions and other stakeholders in their AML/CFT obligations. These include:
- Guidelines on targeted financial sanctions
- Risk assessment
- Customer identification
- Reporting requirements
Conclusion
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Tanzania’s efforts to combat financial crime are commendable. The country’s AML/CFT legislation and regulations provide a robust framework for preventing money laundering and financing of terrorism. However, it is essential that all stakeholders adhere to these guidelines to ensure the success of this initiative.