The Prime Minister of the United Republic of Tanzania, Kassim Majaliwa, has stated that Tanzania will continue to fully participate in and implement international requirements in the fight against financial crime, as part of its commitment to safeguard the security of the nation's financial system.

Speaking today at the opening of a meeting between the Tanzanian Delegation and the Financial Action Task Force (FATF), held at the Bank of Tanzania headquarters in Dar es Salaam, the Prime Minister said the Government recognizes the magnitude of the challenges posed by financial crime and is committed to addressing them by adhering to international standards.

“Tanzania has taken strong measures to strengthen its systems for combating money laundering. These measures include enhancing the capacity of responsible institutions by providing training, resources, and necessary equipment to staff,” he said.

He explained that following assessments conducted by Regional and International Financial Crime Control institutions in 2021 and 2022, Tanzania has taken concrete steps to improve its anti-money laundering systems. These steps include strengthening the capacity of relevant institutions by equipping staff with training, resources, and essential tools.

He said the Government has prioritized key areas in the fight against financial crime, including amending laws and policies, utilizing data and modern technologies, strengthening oversight in the housing and land sectors, building the capacity of relevant stakeholders, and enhancing regulation and supervision of financial institutions.

For his part, the Minister of Finance, Dr. Mwigulu Nchemba, said that after Tanzania received an Action Plan from FATF, the Government made high-level policy and operational decisions to bolster efforts to combat financial crime in the country.

Meanwhile, the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, stated that specific actions have been taken to strengthen the oversight of digital asset service providers and increase transparency in the non-governmental organization sector. He added that cooperation between various institutions and effective use of data is also being strengthened to enable authorities to detect and combat financial crime more effectively.