Tanzania Gazettes Law Amending Anti-Money Laundering, Counter-Terrorist Financing Act

The Tanzanian Official Gazette March 8 published Law No. 2, amending anti-money laundering and counter-terrorist financing rules. The law includes measures: 1) expanding the definition of beneficial ownership; 2) introducing financial intelligence units to monitor suspicious transactions; 3) enhancing customer due diligence measures; 4) establishing recordkeeping requirements; 5) imposing penalties for noncompliance; 6) establishing reporting requirements and exceptions; and 7) establishing rules for the exchange of beneficial owners’ information. [Tanzania, Revenue Authority, 03/08/22]

Reference:
View Anti-Money Laundering (Amendment) Act, 2022, Official Gazette No. 2, Vol. 103.