THE ANTI MONEY LAUNDERING ACT [CHAPTER 423, RE. 2022]

Download The Anti Money Laundering Act of Tanzania [Cap 423, Re. 2022]

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Sure, here is a summary of the revised edition of the Anti-Money Laundering Act of Tanzania [Chapter 423, Re. 2022] (AMLA). 

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The revised AMLA was enacted in March 2022.

The revised AMLA strengthens the provisions of the original AMLA, including:

Here are some of the key changes in the revised AMLA:

  • Definition of money laundering: The revised AMLA expands the definition of money laundering to include the financing of proliferation. This means that it is now illegal to use funds to support the development or acquisition of weapons of mass destruction.
  • Enhanced due diligence: The revised AMLA requires reporting entities to conduct enhanced due diligence for higher-risk customers. This includes customers who are from countries that are considered to be high-risk for money laundering or terrorist financing, or who are involved in certain high-risk activities, such as real estate transactions or the trading of precious metals.
  • Suspicious transactions: The revised AMLA expands the list of suspicious transactions that must be reported to the FIU. This includes transactions that are large in amount, complex, or that appear to have no economic or visible lawful purpose.
  • Penalties: The revised AMLA increases the penalties for money laundering and terrorist financing offenses. This includes fines of up to TZS 100 billion (approximately US$40 million) and imprisonment of up to 20 years.

The revised AMLA is a comprehensive piece of legislation that is designed to prevent and combat money laundering and terrorist financing. By strengthening the provisions of the original AMLA, the revised AMLA will help to track the movement of illicit funds and bring criminals to justice.

Download the Anti money Laundering Act, Cap 423, Re. 2022.👇