Circular No. 8 on Money Laundering Control

Tanzania

(enacted in 2000)

Circular No. 8 on Money Laundering Control provides guidelines to control money laundering that are applicable to all licensed banks and financial institutions in Tanzania.

This circular mandates that banks and financial institutions:

  • Identify procedures to be placed to verify the identity of the customers;
  • Communicate to staff, provide information on policies and provide appropriate training;
  • Identify issues relating to record keeping of information such as retaining of documents, retrieving information on time and recognition and reporting of suspicious transactions;
  • Develop training programs on money laundering; and
  • Establish penalties and sanctions on institutions for not abiding by this circular, including revocation of banking licenses.