Tanzania loses correspondent bank on weak anti-money laundering laws
IMF notes that while Tanzania is taking steps to align their legal framework with the FATF standards and improve the effectiveness of the AML/CFT framework, the progress has been however limited. PHOTO | SHUTTERSTOCK
Tanzanian financial sector has lost correspondent banking over weak anti-money laundering legislation, dealing a blow to Dodoma’s integration with the global payment system.
The International Monetary Fund (IMF) disclosed through its Country report for Tanzania No 23/425 that the “loss of correspondent banking related to deficiencies in the anti-money laundering and combating the financing of terrorism (AML/CFT) framework remain key vulnerabilities.”
