Tanzania advances fight against money laundering and terror financing

Tanzanian Finance Minister Khamis Mussa Omar announced that the government has made significant progress in strengthening systems to combat money laundering, terrorist financing, and the financing of weapons of mass destruction. Speaking in Kigali, Rwanda, during the 26th Annual Meeting of the ESAAMLG Council of Ministers, Omar noted that the country has succeeded in a mutual evaluation conducted by the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).

While celebrating these achievements, Omar acknowledged that work continues to address identified gaps. He stated that there are 15 areas currently being addressed, including the amendment of 12 laws identified as needing improvement for both mainland Tanzania and Zanzibar. In mainland Tanzania, four laws have already been passed by Parliament, while the Revolutionary Government of Zanzibar is expected to present bills to amend three additional laws to complete the process.

The Minister attributed these successes to the cooperation between various institutions, including the Ministry of Finance, banking sector regulators, the Ministry of Justice, and the Ministry of Home Affairs, all working through the National Committee.