Financial Crime World

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Tanzania Takes Steps to Prevent Financial Crimes

In a bid to combat financial crimes, Tanzania has implemented a range of anti-money laundering (AML) and combating the financing of terrorism (CFT) laws, regulations, and guidelines. The country’s anti-money laundering legislation, which dates back to 2006, has undergone several amendments over the years to strengthen its framework.

Anti-Money Laundering Act

The primary law governing AML/CFT in Tanzania is the Anti-Money Laundering Act, Cap. 423 of 2006. This law was amended in March 2022 and again in January 2023 to address emerging threats and update reporting requirements. The amendments also introduced new sanctions for non-compliance.

Supporting Laws

Several other laws have been enacted or amended to support financial crime prevention, including:

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

Regulations and Guidelines

Regulations have been issued to provide further guidance on AML/CFT compliance. For example:

  • Anti-Money Laundering (Electronic Funds Transfer and Cash Transactions Reporting) Regulations, 2019
    • Require financial institutions to report certain transactions to the authorities
  • Bank of Tanzania guidelines for banks and other financial institutions
    • Cover topics such as customer verification, transaction reporting, and suspicious activity detection

Industry-Specific Guidelines

Several industry-specific guidelines have been developed to help sectors prevent financial crimes. For example:

  • Anti-Money Laundering Guidelines for Banking Institutions
    • Provide guidance on AML/CFT compliance for banks
  • Anti-Money Laundering Guidelines for Accountants and Auditors (Issued by NBAA)
    • Offer similar guidance for accountants and auditors

Conclusion

Overall, Tanzania’s efforts to prevent financial crimes demonstrate a commitment to combating money laundering and terrorist financing. By implementing robust legislation, regulations, and guidelines, the country is working to protect its financial system and reputation.