Tanzania commits to intensify a war against money laundering

ARUSHA: TANZANIA, has assured the International Community involved in monitoring and controlling money laundering, terrorist financing, and weapons of mass destruction financing that the government will continue to strengthen and improve its systems for controlling such acts in the country.

This was stated by the Deputy Minister of Finance, Eng Mshamu Munde, on behalf of the Minister of Finance, Ambassador Khamis Mussa Omar, during the International Conference on the Exchange of Information on the Control of Illicit Money (EGMONT Group meeting), held in Arusha.

He said Tanzania has made great strides in building a robust system for combating financial crime, including strengthening regulatory institutions and international cooperation, a step that has enabled Tanzania to be removed from the list of countries with deficiencies in controlling money laundering and terrorist financing, after successfully implementing the action plan set by the Financial Action Task Force (FATF).

“The European Union’s decision to remove Tanzania from the list of high-risk countries has opened a new chapter in financial stability and attracting foreign investment and we are proud of this achievement which is the result of strong leadership, legal reforms, and close cooperation between our domestic institutions and development partners,” said Eng Munde.

He stressed that Tanzania will continue to collaborate with member states of the EGMONT Group and other groups such as the Eastern and Southern Africa Anti-Money Laundering Group – ESAAMLG, to ensure that domestic systems are in line with international standards of financial integrity.

“Financial crime knows no borders, one country cannot win this battle alone, and we must cooperate, exchange information, and track financial traces wherever they go,” added  Eng Munde.

For her part, the Chairperson of the EGMONT Secretariat, Elżbieta Franków- Jaśkiewicz, said that Tanzania as a member of EGMONT, has excelled particularly in international cooperation, which is most important in protecting the integrity of the domestic and global financial system.

Jaśkiewicz said that EGMONT is committed to supporting its members by providing secure platforms for units, exchanging knowledge and financial information, and helping them combat money laundering, terrorist financing, and related crimes.

“We are very pleased to be warmly welcomed here in Tanzania, a place that plays an important and inspiring role in strengthening cooperation in the East and Southern Africa region, and continues to demonstrate its strong commitment to strengthening and developing regional and international cooperation in the fight against money laundering and terrorist financing,” said Jaśkiewicz.

Meanwhile, the Commissioner of the Financial Intelligence Unit (FIU), Majaba Magana, said that Tanzania’s journey in combating money laundering and terrorist financing has been a gradual one, and focused on reforms with the establishment of the Financial Intelligence Unit under the Prevention of Money Laundering Act which is an important institutional step, creating a central authority responsible for receiving, and analyzing financial information.

“Since its establishment, Tanzania has remained steadfast in adhering to international standards by implementing comprehensive reforms to strengthen our legal and institutional systems,” said Magana