Tanzania strengthens anti-money laundering efforts

KIGALI: THE Minister of Finance of the United Republic of Tanzania, Hon. Ambassador Khamis Mussa Omar (MP), has stated that the Government has made significant strides in strengthening systems to combat money laundering, terrorism financing, and the financing of weapons of mass destruction.

Ambassador Omar said this in Kigali, Rwanda, during the 26th Ministerial Council meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), held at the Serena Hotel in that country.

He explained that the country has succeeded in the mutual evaluation conducted by ESAAMLG through the Committee of Experts (Permanent Secretaries) and that the Government is continuing to address some of the identified gaps to further strengthen the financial sector and the country’s economic and social development in general.

“We have laws and a national committee to combat these issues. The achievements are significant, but there are still 15 areas we are working on, including amendments to 12 laws identified as needing improvement for both Tanzania Mainland and Zanzibar,” said Ambassador Omar.

Ambassador Omar said that for Tanzania Mainland, four laws have already been passed by Parliament in the ongoing session, while the Revolutionary Government of Zanzibar is expected to table a bill to amend three other laws to complete the process.

He emphasized that these achievements were the result of the cooperation of various institutions in the country, including the Ministry of Finance, banking sector regulators, the Ministry of Justice, as well as the Ministry of Home Affairs and several other institutions collaborating in the National Committee to combat these acts.

The meeting brought together government leaders at the level of Ministers and Permanent Secretaries of Finance, Constitution and Legal Affairs, Home Affairs, and senior officials from member countries of the Eastern and Southern Africa region with the aim of strengthening joint efforts to combat money laundering, terrorism financing, and the financing of weapons of mass destruction.

ALSO READ: ANTI-MONEY LAUNDERING, COMBATING FINANCING OF TERRORISM: Kenya at high risk, a blessing for Tanzania

Other leaders from Tanzania who participated in the meeting include the Minister of Constitution and Legal Affairs, Dr. Juma Homera, Permanent Secretary of the Ministry of Constitution and Legal Affairs, Dr. Seif Abdallah Shekalaghe, Deputy Permanent Secretary of the Ministry of Finance and Planning-Zanzibar, Mr. Aboud Hassan Mwinyi, and the Commissioner of the FIU Unit, Mr. Majaba Magana.

Others are the Deputy Governor of the Bank of Tanzania, who is also the Chairperson of the National Committee of Experts on Anti-Money Laundering, Ms. Sauda Msemo, heads of institutions, financial sector experts, financial institution regulators, and other development stakeholders from various countries in the region and the world at large.