Banks asked to provide money laundering info

Financial institutions have been encouraged to continue providing vital information that will enable effective control money laundering in the country.

The Ilala District Commissioner (DC), Mr Edward Mpogolo, said that the Finance Act, 2022, adopted the amendment of the Companies Act, Cap 212 that require financial institutions to provide information on beneficial ownership in companies that are important in improving the environment for investment, revenue as well as controlling money laundering and financing of acts of terrorism.

“The financial institutions should cooperate with the government in providing important information that will facilitate the control of money laundering in the country,” Mr Mpogolo said on Tuesday when officiating at a single-day workshop between the Business Registrations and Licensing Agency (BRELA) and financial institutions on behalf of Dar es Salaam Regional Commissioner.

The meeting coordinated by BRELA intended to sensitise financial stakeholders on implementing the regulation of beneficial ownership in companies.

The BRELA, Director of Licence, Mr Andrew Mkapa, who also represented the agency’s Chief Executive Officer Mr Godfrey Nyaisa, said that the workshop aimed at getting a common understanding about the amendment of the Companies Act and the adoption of the Beneficial Ownership Regulation (2021) by the responsible Minister for Investment, Industry and Trade.

“We hope this workshop will help to have the common understanding which will help to achieve this exercise for the benefit of traders, investors and ‘wananchi’ in general,” he added.

Moreover, the beneficial ownership regulation was officially started to be implemented in 2022 adding that it is very important to get a common understanding between BRELA and financial institutions.

On the other hand, the Executive Director for Tanzania Bankers Association (TBA), Ms Tusekelege Joune said that the seminar was important for bankers because it is an Act that was set as a guide adding that the financial institutions are also responsible for implementing the laws of the country.

“It is our legal responsibility to provide any suspicious information,” the Executive Director for Tanzania Bankers Association pointed out.

TBA is the main advocacy body for the banking sector guided to bring together members of the banking fraternity to have a common voice on matters relating to industry performance and growth, policy and regulation, elevation of professional standards and standards of providing banking services.

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