The Anti-money Laundering Act

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CHAPTER 423
THE ANTI-MONEY LAUNDERING ACT
[PRINCIPAL LEGISLATION]
Arrangement of Sections
Section Title
PART I
PRELIMINARY PROVISIONS
1. Short title.
2. Application.
3. Interpretation.
PART II
THE FINANCIAL INTELLIGENCE UNIT AND
THE NATIONAL COMMITTEE
4. Establishment of Financial Intelligence Unit.
5. Appointment of Commissioner.
6. Powers and duties of FIU.
7. Employees of FIU.
8. Establishment and composition of National Committee.
9. Functions of National Committee.
10. Meetings of National Committee.
11. Allowances and remunerations.
PART III
PROHIBITION OF MONEY LAUNDERING
12. Offence of money laundering.
13. Penalties for acts of money laundering.
14. Offences by corporate bodies.

ART III
PROHIBITION OF MONEY LAUNDERING
12. Offence of money laundering.
13. Penalties for acts of money laundering.
14. Offences by corporate bodies.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
PART IV
SUPERVISION OF ANTI-MONEY LAUNDERING, COUNTERING
TERRORIST FINANCING AND PROLIFERATION FINANCING
15. Undertaking risk assessment, risk mitigation measures and
allocation of resources. 16. Reporting person to conduct customer due diligence. 17. Reporting persons to establish and maintain records. 18. Reporting persons to report suspicious transactions. 19. Reporting persons to establish and maintain internal reporting procedures. 20. Reporting persons to implement group wide programmes. 21. Administrative sanctions. 22. Tipping off. 23. Secrecy obligation overridden. 24. Protection of reporting persons, witnesses and informers. 25. Obligation to report physical cross border transportation of cash or
bearer negotiable instruments. 26. Regulator’s obligation. PART V
FINANCIAL PROVISIONS
27. Sources of fund. 28. Financial year. 29. Accounts and audit. PART VI
MISCELLANEOUS PROVISIONS
30. Immunity. 31. Application of proceeds of crime. 32. Disclosure of information. 33. General penalty. 34.

nd audit. PART VI
MISCELLANEOUS PROVISIONS
30. Immunity. 31. Application of proceeds of crime. 32. Disclosure of information. 33. General penalty. 34.

Court jurisdiction over foreigner. 35. Maintenance of statistics. 36. Regulations.

Court jurisdiction over foreigner. 35. Maintenance of statistics. 36. Regulations.

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PART I
PRELIMINARY PROVISIONS1
1. This Act may be cited as the Anti-Money Laundering Act. 2.–(1) This Act shall, subject to subsection (2), apply to
Mainland Tanzania. (2) This Act shall apply to Tanzania Zanzibar in respect
of Part II which relates to Financial Intelligence Unit and
the National Multidisciplinary Committee on Anti-Money
Laundering, Counter Terrorist Financing and Counter
Proliferation Financing. 1 The long title is amended by Act No. 2 of 2022 under section 2. Short title
Application
Acts Nos. 1 of 2012 s. 2;
2 of 2022 s.

liferation Financing. 1 The long title is amended by Act No. 2 of 2022 under section 2. Short title
Application
Acts Nos. 1 of 2012 s. 2;
2 of 2022 s.

3
CHAPTER 423
THE ANTI-MONEY LAUNDERING ACT
An Act to make better provisions for the prevention and prohibition of
money laundering, terrorist financing and proliferation financing, to
provide for the disclosure of information on money laundering, terrorist
financing and the proliferation financing, to establish a Financial
Intelligence Unit and the National Multi-Disciplinary Committee on
Anti-Money Laundering, Counter Terrorist Financing and Counter
Proliferation Financing and to provide for matters related thereto.1
[1st July, 2007]
[GN. No. 160 of 2007]
Acts Nos. 12 of 2006
6 of 2008
1 of 2012
1 of 2013
14 of 2015
4 of 2016
8 of 2020
2 of 2022

s related thereto.1
[1st July, 2007]
[GN. No. 160 of 2007]
Acts Nos. 12 of 2006
6 of 2008
1 of 2012
1 of 2013
14 of 2015
4 of 2016
8 of 2020
2 of 2022

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
3.

ts reserved. No part of this book may be reproduced or distributed without permission of OAG.570
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
3.

In this Act, unless the context otherwise requires-
“Act” means the Anti-Money Laundering Act;
“arrangement” has the meaning ascribed to it under the
Income Tax Act;
“bank” has the meaning ascribed to it under the Banking
and Financial Institutions Act;
“Bank” has the meaning ascribed to it under the Bank of
Tanzania Act;
“bearer negotiable instrument” means a monetary
instrument in bearer form such as-
(a) traveler’s cheques;
(b) negotiable instruments including cheques, promissory
notes and money orders that are either in bearer form,
endorsed without restriction, made out to a fictitious
payee or otherwise in such form that title to that
instrument passes upon delivery;
(c) incomplete instruments such as cheques, promissory
notes and money orders signed, but with the payee’s
name omitted;
“bearer shares” means negotiable instruments that accord
ownership in a legal person to the person who possesses
the bearer share certificate;
“beneficial owner” means a natural person who ultimately
owns or controls the customer, the natural person on
whose behalf a transaction or activity is being conducted,
a person who exercises ultimate effective control over a
legal person or legal arrangement or beneficiary of an
insurance policy or other investment linked insurance
policy and includes-
(a) in the case of a customer being a legal person-
(i) the natural person who ultimately owns or
controls the legal person through direct or indirect
ownership of a majority shares or voting rights or
ownership interest in that legal person and such
ownership, ownership interest or control also
includes possession of bearer shares, the ability to
Interpretation
Acts Nos.

that legal person and such
ownership, ownership interest or control also
includes possession of bearer shares, the ability to
Interpretation
Acts Nos.

6 of 2008 s. 41;
1 of 2012 s. 3;
1 of 2013 s. 4;
14 of 2015 s. 57;
8 of 2020 s. 4;
2 of 2022 s. 4;
Cap. 332
Cap. 197

6 of 2008 s. 41;
1 of 2012 s. 3;
1 of 2013 s. 4;
14 of 2015 s. 57;
8 of 2020 s. 4;
2 of 2022 s. 4;
Cap. 332
Cap. 197

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
appoint or remove the majority of board members,
the chief executive officer or senior management;
(ii) a shareholding of five percent or more in the legal
person or an ownership interest of five percent
or more in the legal person held by a natural
person shall be an indication of direct ownership
or a sufficient percentage of the shares or voting
rights or ownership interest in that legal person,
or a shareholding of five percent or more or an
ownership interest of five percent or more in the
legal person held by a legal person, which is under
the control of a natural person, or by multiple legal
persons, which are under the control of the same
natural person, shall be an indication of indirect
ownership;
(iii) if, after having exhausted all possible means and
provided there are no grounds for suspicion
of money laundering, terrorist financing and
proliferation financing, no natural person under
subparagraph (i) is identified, or if there is any
doubt that the natural person identified is the
beneficial owner, the natural person who holds
the position of senior managing official;
(b) in the case of a customer being a trust-
(i) the settlor, trustee or the protector;
(ii) the beneficiaries, or where the natural person
benefiting from the trust has yet to be determined,
the class of natural persons in whose main interest
the trust is set up or operates; or
(iii) any other natural person exercising ultimate
control over the trust by means of direct or
indirect ownership or by other means;
(c) in the case of a customer being any other legal
arrangement, the natural person holding equivalent or
similar positions to those referred to in subparagraph (b);

of a customer being any other legal
arrangement, the natural person holding equivalent or
similar positions to those referred to in subparagraph (b);

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
“business relationship” means an arrangement between a
reporting person and a customer that is characterised by
the following:
(a) it is a business, professional or commercial arrangement;
(b) the arrangement involves the reporting person setting
up a customer account and the exchange of goods,
products or services and is facilitated by transactions
that are conducted involving that account; or
(c) transactions are conducted frequently, habitually or on
a regular basis;
“cash dealer” means-
(a) a person who carries on a business of an insurer, an
intermediary insurance broker, a securities dealer or
broker;
(b) a person who carries on a business of dealing in gold
bullion, or issuing, selling or redeeming traveler’s
cheques, money orders or similar instruments, of
collecting, holding and delivering or transmitting
money;
(c) an operator of a gaming activity;
(d) a trustee or a manager of a Collective Investment
Scheme; and
(e) an operator of a bureau de change;
“Chairman” means the Chairman of the National Committee
appointed under section 8;
“close associate” means-
(a) a natural person who is known to have joint beneficial
ownership of body corporate, or any other close
business relations with the politically exposed person;
(b) a natural person who has sole beneficial ownership of a
body corporate which is known to have been set up for
the de facto benefit of the politically exposed person; or
(c) a natural person who is reasonably found or believed to
be closely connected with a politically exposed person
for any other reason, either socially or professionally;
“Commissioner” means the Commissioner of the FIU
appointed under section 5;

ly exposed person
for any other reason, either socially or professionally;
“Commissioner” means the Commissioner of the FIU
appointed under section 5;

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
“comparable body” means an overseas Government agency
with functions similar to those of the FIU;
“competent authority” means a public entity with designated
responsibilities for combatting money laundering,
terrorist financing or proliferation financing including a
regulator, customs authority, a law enforcement agency,
licensing agency or authority, FIU and the National
Committee;
“customer” means a natural person, legal person or legal
arrangement that receives goods, products or services
from a reporting person for exchange for money or any
other consideration;
“customer due diligence” includes establishing the identity of
the customer, a beneficial owner or a person purporting
to act on behalf of the customer, whereby-
(a) in the case of a customer, doing any or all of the following,
depending on the perceived money laundering,
terrorist financing or proliferation financing risk-
(i) verifying the identity of the customer using
reliable, independent source documents, data or
information;
(ii) understanding, and where appropriate, obtaining
the required information on the nature and
purpose of the business relationship;
(iii) understanding the occupation of the customer;
(iv) understanding the ownership and control
structure of the customer who is a legal person or
legal arrangement;
(v) obtaining information on the source of customer
income and funds;
(vi) establishing the identity of beneficial owners
and taking reasonable measures to verify their
identities using reliable, independent source
documents, data or information; or
(vii) obtaining information that a person purporting to
act on behalf of the customer is so authorised and

t source
documents, data or information; or
(vii) obtaining information that a person purporting to
act on behalf of the customer is so authorised and

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
to identify and verify the identity of that person
using reliable, independent source documents,
data or information;
(b) in the case of a beneficial owner, doing any or all of
the following, depending on the perceived money
laundering, terrorist financing or proliferation
financing risk:
(i) taking reasonable measures to verify the identity
of the beneficial owner using reliable, independent
source documents, data or information;
(ii) understanding the occupation of the beneficial
owner; or
(iii) obtaining information on the source of income
and funds of the beneficial owner;
(c) in the case of a person purporting to act on behalf of the
customer, doing any or all of the following, depending
on the perceived money laundering, terrorist financing
or proliferation financing risk:
(i) verifying the identity of the person using
reliable, independent source documents, data or
information;
(ii) understanding the occupation of the person;
(iii) understanding the relationship between the
person and the customer; or
(iv) ascertaining that the person is authorised to act
on behalf of the customer; and
(d) in all cases above, in paragraphs (a), (b) and (c),
reviewing existing records to ensure that they are up-
to-date and relevant;
“customs” has the meaning ascribed to it under the East
African Community Customs Management Act;
“family member” means an individual who is related
to a politically exposed person either directly on
consanguinity or through marriage or similar civil forms
of relationships or partnership;
Act No.

d
to a politically exposed person either directly on
consanguinity or through marriage or similar civil forms
of relationships or partnership;
Act No.

1 of 2004

1 of 2004

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
“financial institution” means a person who conducts as
a business one or more of the following activities or
operations:
(a) acceptance of deposits and other repayable funds
from the public including private banking and other
repayable funds from the public, issuing and managing
means of payment, trading in foreign exchange
or transferable securities or decentralised virtual
currencies exchangers, wallet providers, payments
processors or senders, and other virtual currency
business models;
(b) lending, including consumer credit, mortgage
credit, factoring with or without recourse, finance of
commercial transactions including forfeiting;
(c) financial leasing;
(d) mortgage and house financing;
(e) money or value transfer services without extending to
persons that solely provide messaging or other support
systems for transmitting the funds;
(f) issuing and managing means of payment including
credit cards, debit cards, money orders, cheques,
traveler’s cheques, money, bankers’ drafts and electronic
money;
(g) financial guarantees and commitments;
(h) dealing in gold bullion;
(i) trading in:
(i) money market instruments including cheques,
bills, certificates of deposit and derivatives;
(ii) foreign exchange;
(iii) exchange, interest rate and index instruments;
(iv) transferable securities; and
(v) commodity futures trading;
(j) securities dealership, brokerage and securities market
intermediation;
(k) individual and collective portfolio management;

modity futures trading;
(j) securities dealership, brokerage and securities market
intermediation;
(k) individual and collective portfolio management;

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
(l) trusteeship and management of collective investment
schemes;
(m) safekeeping and administration of cash or liquid
securities on behalf of other persons;
(n) investing, administering or managing funds or money
on behalf of other persons;
(o) pension fund management;
(p) insurance, insurance agency and brokerage; and
(q) money and currency changing;
“forfeiture” has the meaning ascribed to it under the
Proceeds of Crime Act;
“funds” has the meaning ascribed to it under the Prevention
of Terrorism Act;
“Government” means the Government of the United Republic
and where appropriate includes the Revolutionary
Government of Zanzibar;
“law enforcement agency” means the Police Force, Prevention
and Combating of Corruption Bureau, Immigration
Services, Tanzania Revenue Authority and any other
body dealing with criminal investigations;
“legal arrangement” means trusts or other similar
arrangements;
“Minister” means the Minister responsible for finance;
“money laundering” means offences referred to under
section 12;
“National Committee” means the National Multi-
disciplinary Committee on Anti-Money Laundering
Committee established by section 8;
“occasional transaction” means a transaction carried out by
a reporting person on behalf of a customer with whom it
does not have a business relationship and the transaction is
carried out otherwise than through an account and it may
be a single transaction or a series of transactions in a single
operation or several operations that appear to be linked to
each other;
“politically exposed person” means a natural person-
Cap.

sactions in a single
operation or several operations that appear to be linked to
each other;
“politically exposed person” means a natural person-
Cap.

256
Cap. 19

256
Cap. 19

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
(a) within or outside the United Republic who is or has
been entrusted with a prominent public function;
(b) who is or has been entrusted with a prominent function
in an international organisation including a member of
senior management such as a member of the board of
directors, the chief executive officer, director, head of
department, their deputies and equivalent functions,
and includes family members and close associates of such a
natural person;
“predicate offence” means a serious offence as defined in the
Proceeds of Crime Act;
“proceeds of crime” has the meaning ascribed to it under the
Proceeds of Crime Act;
“proliferation financing” means an act by a person who by
any means directly or indirectly, renders help or provides
in whole or in part any assets, funds, economic resources,
technology or services to any proliferation of weapons of
mass destruction course or to a person or jurisdiction or
for the benefit of a person designated by the United Nations
Security Council to acquire, possess, broker, manufacture,
develop, store, transport, convey, transfer, import or export
nuclear, chemical or biological weapons and their means
of delivery or related materials including technologies and
dual use goods used for non legitimate purpose;
“prominent public function” or “prominent function”
means-
(a) in the case of Government and public sector functions
in the United Republic, an office or function held by a
public leader mentioned in the Public Leadership Code
of Ethics Act and a person in the capacity of deputy of
the identified leader;
(b) in the case of a foreign government or jurisdiction,
an office or function held by heads of state or
government, senior politicians, senior executives of
state owned corporations or agencies, high level and
senior functions in the foreign states, governments
Cap.

senior politicians, senior executives of
state owned corporations or agencies, high level and
senior functions in the foreign states, governments
Cap.

256
Cap. 256
Cap. 398

256
Cap. 256
Cap. 398

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
or diplomatic missions, foreign institutions and
international organisations affiliated to the United
Republic and foreign countries and jurisdictions
including high commissioners, ambassadors and
their deputies, military and other attaches, directors,
assistant directors, managers and assistant managers
and other senior and principal officers; or
(c) any other prominent function which the Minister may,
by notice published in the Gazette, specify;
“property” has the meaning ascribed to it under the Proceeds
of Crime Act;
“reasonable measures” means appropriate measures which
are commensurate with the money laundering, terrorist
financing or proliferation financing risk;
“regulator” includes, the:
(a) Bank of Tanzania;
(b) Capital Markets and Securities Authority;
(c) Tanzania Insurance Regulatory Authority;
(d) Gaming Board of Tanzania;
(e) Registrar of Societies
(f) Registrar of Cooperatives;
(g) Registrar of Titles;
(h) Registrar of Non-Governmental Organisations;
(i) Registrar of Political Parties;
(j) Energy and Water Utilities Regulatory Authority;
(k) Tanzania Communication Regulatory Authority;
(l) Business Registration and Licensing Agency;
(m) Tanzania Investment Centre;
(n) Tanganyika Law Society;
(o) Architects and Quantity Surveyors Registration Board;
(p) National Board of Accountants and Auditors;
(q) Registration, Insolvency and Trusteeship Agency; and
(r) any other regulatory authorities or agencies which the
Minister may, by order published in the Gazette specify;
“reporting person” means-
(a) banks and financial institutions;
(b) cash dealer;
Cap.

ich the
Minister may, by order published in the Gazette specify;
“reporting person” means-
(a) banks and financial institutions;
(b) cash dealer;
Cap.

256

256

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
(c) an accountant, real estate agent, auditor, tax adviser,
dealer in precious stones work of arts or metals;
(d) trust and company service provider;
(e) motor vehicle dealer;
(f) clearing and forwarding agent;
(g) advocates, notaries and other independent legal
professionals when:
(i) assisting clients in preparing or executing
transactions involving:
(aa) the purchase or sale of real property or
commercial enterprises;
(bb) management of funds, securities or other
assets which belong to a client;
(cc) the opening or management of bank accounts,
saving accounts or portfolios
(dd) the organisation of contributions required to
create, manage or direct corporations or legal
entities;
(ee) the creation, management or direction of
corporations or legal entities; and
(ff) the buying or selling of business entities;
(ii) acting on behalf of a client in any financial or real
estate transaction;
(h) pension funds managers, securities market
intermediaries, financial leasing entities, microfinance
service providers except for community microfinance
groups classified as Tier 4 in the Microfinance Act and
companies and financing housing companies;
(i) auctioneers; and
(j) any other person who the Minister may, by notice
published in the Gazette, specify;
“risk assessment” means identifying, assessing and
understanding risks and documenting the process and
the findings or results;
“senior management” means natural persons within a body
corporate at the highest level of management who have
the day to day task of managing the body corporate and
Cap.

means natural persons within a body
corporate at the highest level of management who have
the day to day task of managing the body corporate and
Cap.

407

407

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2023]
includes directors, chief executive officers, their deputies
and where appropriate, members of the board of directors
or of equivalent function;
“terrorist financing” means-
(a) the provision of finance or economic resources or
making available financial or related services to-
(i) a terrorist, terrorist group, terrorist entity, terrorist
course or a terrorist act;
(ii) an individual, a group or entity that is concerned
with a terrorist, terrorist group, terrorist entity,
terrorist course or a terrorist act;
(b) conducting a financial transaction or facilitating a
financial transaction directly or indirectly, in order
to deal with property that is owned or controlled by a
terrorist, terrorist group or terrorist entity;
(c) conducting financial transaction or facilitating a
financial transaction directly or indirectly, in order
to deal with property on behalf of a terrorist, terrorist
group or terrorist entity;
(d) financing or facilitating travel of any individual or
a group of individuals to a country other than their
country of residence or nationality in order to participate
in a terrorist course, terrorist training or terrorist act,
or in order to directly or indirectly conduct, perpetrate,
plan or prepare terrorist acts;
(e) organising or directing others to commit any of the
acts in paragraphs (a), (b), (c) or (d) or participating in
any of those acts as an accomplice; or
(f) an attempt to commit any of the acts in paragraphs (a),
(b), (c), (d) or (e);
“trust and company service provider” means a person who,
by way of business, provides any of the following services:
(a) the formation of body corporate;
(b) acting as, or arranging for another person to act as, a
director, secretary or a similar position in relation to a
body corporate;

body corporate;
(b) acting as, or arranging for another person to act as, a
director, secretary or a similar position in relation to a
body corporate;

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
(c) providing a registered office, business address,
correspondence or administrative address and other
related services for a body corporate;
(d) acting as, or arranging for another person to act as, a
trustee of a trust or a similar legal arrangement; or
(e) acting as, or arranging for another person to act as, a
nominee shareholder for another person other than
a company listed in a regulated market that is subject
to disclosure requirements in accordance with the
laws of the United Republic or subject to equivalent
international standards;
“virtual asset” means a digital representation of value that
can be digitally traded or transferred and can be used for
payment or investment purposes and is recognised by the
government of the United Republic and does not include
digital representations of fiat currencies, securities and
other financial assets that are already covered in the laws
of the United Republic;
“virtual asset service provider” means a person who conducts
one or more of the following activities or operations for
or on behalf of a customer:
(a) exchange between virtual assets and fiat currencies;
(b) exchange between one or more forms of virtual assets;
(c) transfer of virtual assets;
(d) safekeeping or administration of virtual assets or
instruments enabling control over virtual assets; and
(e) participation in and provision of financial services
related to an issuer’s offer or sale of a virtual asset.

ing control over virtual assets; and
(e) participation in and provision of financial services
related to an issuer’s offer or sale of a virtual asset.

PART II
THE FINANCIAL INTELLIGENCE UNIT
AND THE NATIONAL COMMITTEE
4.–(1) There shall be established under the Ministry
responsible for finance an Extra Ministerial Department to
be known as a Financial Intelligence Unit also known by an
acronym FIU. Establishment
of Financial
Intelligence Unit
Acts Nos. 1 of 2012 s. 4;
2 of 2022 s. 5

n as a Financial Intelligence Unit also known by an
acronym FIU. Establishment
of Financial
Intelligence Unit
Acts Nos. 1 of 2012 s. 4;
2 of 2022 s. 5

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THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(2) The FIU shall be responsible for receiving, analyzing
and disseminating suspicious transaction reports, currency
transaction reports, cross border currency reports, electronic
funds transfer reports and other information regarding
actual or potential money laundering, terrorist financing or
proliferation financing received from the reporting persons
and other sources from within and outside the United Republic. (3) The FIU shall have operational and budgetary
independence as may be necessary for effective discharge of
its functions. 5.–(1) The President shall appoint a person who has adequate
knowledge and experience either in economics, monetary
affairs, finance, law, financial crimes or any other field that is
beneficial to the execution of this Act, to be the Commissioner
of FIU. (2) The Commissioner shall be responsible for the general
administration of the FIU.

cial to the execution of this Act, to be the Commissioner
of FIU. (2) The Commissioner shall be responsible for the general
administration of the FIU.

(3) The Commissioner shall be the Chief Executive Officer
as well as the accounting officer of the FIU and shall perform
the functions and exercise powers conferred upon him by this
Act. (4) The Commissioner shall hold office for a term of five
years and may be re-appointed for another one term of five
years subject to satisfactory performance. (5) The President may remove the Commissioner from
office on the grounds of misconduct, incompetency or for a
ground of mental or physical incapacity. (6) Where the removal of the Commissioner is in question,
the President shall form a Committee to inquire into and make
recommendation to the President on the matter. (7) Where the Committee recommends that the removal of
the Commissioner should not be made, the President shall not
remove the Commissioner. (8) The Committee shall consist of-
(a) a judge of the High Court;
(b) a senior police officer;
Appointment of
Commissioner
Act No. 1 of 2012 s. 5

er. (8) The Committee shall consist of-
(a) a judge of the High Court;
(b) a senior police officer;
Appointment of
Commissioner
Act No. 1 of 2012 s. 5

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.583
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(c) a senior officer from the Bank of Tanzania; and
(d) two other prominent persons who have knowledge
and experience on the matter which is the subject of
inquiry. (9) Where the inquiry is commended in terms of subsection
(6), the Commissioner shall be temporarily relieved from duty
pending completion of inquiry and measures taken by the
President. (10) The Committee shall make its own procedure for the
conduct of investigation.

y
pending completion of inquiry and measures taken by the
President. (10) The Committee shall make its own procedure for the
conduct of investigation.

6.–(1) For the purposes of section 4, the Financial Intelligence
Unit shall be a national center responsible for receiving,
analysing, keeping and maintaining suspicious transaction
reports and other information concerning money laundering
and associated predicate offences, terrorist financing and
proliferation financing and in that respect, the FIU shall-
(a) receive suspicious transaction reports, currency
transaction reports, cross border currency reports,
electronic funds transfer reports and such other
reports or information submitted by reporting persons
or submitted from any other source and conduct
operational and strategic analysis on such reports and
information;
(b) disseminate the results of the analysis to law
enforcement agencies, supervisory authorities or other
competent authorities;
(c) supervise reporting persons for compliance with anti-
money laundering, countering terrorist financing and
countering proliferation financing obligations under
this Act and any other written laws;
(d) compile statistics and records and share information
relating to money laundering, terrorist financing and
proliferation financing within or outside the United
Republic;
(e) make recommendations and advise the National
Committee on matters relating to anti-money
Powers and duties
of FIU
Acts Nos.

e the United
Republic;
(e) make recommendations and advise the National
Committee on matters relating to anti-money
Powers and duties
of FIU
Acts Nos.

1 of 2012 s. 6;
2 of 2022 s. 6

1 of 2012 s. 6;
2 of 2022 s. 6

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.584
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.584
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
laundering, countering terrorist financing and
countering proliferation financing;
(f) in consultation with regulators of the relevant reporting
persons, issue guidelines to such reporting persons in
respect of obligations provided for under this Act, and
any other anti-money laundering, countering terrorist
financing and countering proliferation financing
obligations under any other written laws;
(g) create training requirements and provide such training
for stakeholders including reporting persons and their
employees, judicial officers and competent authorities;
(h) consult with a relevant person, institution or
organisation for the purpose of discharging its duties
under this section;
(i) request for or have access to information from a
reporting person, regulator or law enforcement agency
or any other relevant legal person in the manner
provided for in the regulations;
(j) require any reporting person to report to FIU any
suspicious transaction or activity where that reporting
person suspects that the transaction or activity involves
money laundering, terrorist financing or proliferation
financing;
(k) in collaboration with the regulator or on its own,
supervise reporting persons for anti-money laundering,
countering terrorist financing or countering
proliferation financing compliance;
(l) prepare periodic reports on money laundering, terrorist
financing and proliferation financing typologies and
trends, in the manner provided for in the regulations;
(m) enter into agreements or related arrangements overseas
with financial intelligence units and comparable
bodies and other foreign counter parts for exchange
of information pertaining to combating money
laundering and associated predicate offences, terrorist
financing and proliferation financing;

r exchange
of information pertaining to combating money
laundering and associated predicate offences, terrorist
financing and proliferation financing;

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.585
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(n) exchange information with domestic competent
authorities in combating money laundering, terrorist
financing and proliferation financing; and
(o) liaise with the relevant investment and business
registration and licensing authorities in assessing
genuine investors.

oliferation financing; and
(o) liaise with the relevant investment and business
registration and licensing authorities in assessing
genuine investors.

(2) Upon analysis of the reports and information, the
Commissioner or an employee of the FIU designated by him may-
(a) where there are reasonable grounds to suspect money
laundering, terrorist financing, proliferation financing
or any other crime, disseminate spontaneously or
upon request intelligence or any other information to
relevant law enforcement agencies for investigation
and possible prosecution;
(b) disseminate spontaneously or upon request reports to
a competent authority for any relevant action including
reporting person supervisory action, recovery of taxes,
and inform on anti-money laundering, countering
terrorist financing and countering proliferation
financing; or
(c) share the information with any other relevant
stakeholders within or outside the United Republic. (3) The Commissioner may, where he has received
information from the reporting person pursuant to section
18 and upon reasonable grounds, suspend a suspicious
transaction or activity for a period not exceeding five working
days to allow time for investigation on the matter. (4) The suspension under subsection (3) shall lapse after
five days.

od not exceeding five working
days to allow time for investigation on the matter. (4) The suspension under subsection (3) shall lapse after
five days.

7.–(1) There shall be appointed such number and categories
of employees of the Government or other public institutions
of such qualifications as may be considered necessary to assist
the Commissioner in the performance of FIU. (2) In appointing such employees, the appointing authority
shall in particular have regard to persons with experience in
law, finance, customs and law enforcement. Employees of FIU
Act No. 1 of 2012 s. 7

ority
shall in particular have regard to persons with experience in
law, finance, customs and law enforcement. Employees of FIU
Act No. 1 of 2012 s. 7

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.586
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(3) The employees referred to under subsection (1), shall
hold office for a term of five years and shall be eligible for
re-appointment. (4) The employees of the FIU shall be subject to initial and
periodical disclosure of financial position in the manner as
may be prescribed under the regulations. (5) An employee of the FIU shall be under the general
obligation to keep all information that comes to his knowledge
as confidential during his employment and after termination
of employment. (6) A person who contravenes the provisions of subsection
(5), commits an offence and shall be liable-
(a) in the case of an employee, to administrative actions
or any other sanctions which may be imposed under
section 33; and
(b) in the case of former employee, a fine of five million
shillings or imprisonment for a term of three years or
to both.

posed under
section 33; and
(b) in the case of former employee, a fine of five million
shillings or imprisonment for a term of three years or
to both.

8.–(1) There is established for the purposes of this Act, a
National Multi-Disciplinary Committee on Anti-Money
Laundering, Counter Terrorist Financing and Counter
Proliferation Financing. (2) The National Committee shall be composed of-
(a) one representative of the Bank of Tanzania, who shall
be the Chairman;
(b) one representative of the Ministry of Finance;
(c) one representative of the Ministry of Finance of the
Revolutionary Government of Zanzibar;
(d) one representative of the Office of the Attorney General;
(e) one representative of the Attorney General’s Chambers
of the Revolutionary Government of Zanzibar;
(f) two representatives of the Directorate of Criminal
Investigation, one of whom shall come from its office
in Tanzania Zanzibar;
(g) one representative of the Ministry responsible for
foreign affairs;
Establishment
and composition
of National
Committee
Acts Nos. 1 of 2012 s. 8;
2 of 2022 s. 7

entative of the Ministry responsible for
foreign affairs;
Establishment
and composition
of National
Committee
Acts Nos. 1 of 2012 s. 8;
2 of 2022 s. 7

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.587
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.587
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
(h) the Commissioner of the FIU;
(i) one representative of the Capital Markets and Securities
Authority;
(j) one representative from the National Prosecutions
Service;
(k) one representative from the office of the Director
of Public Prosecutions from the Revolutionary
Government of Zanzibar;
(l) one representative from the Tanzania Revenue
Authority;
(m) one representative from the Zanzibar Revenue Board;
(n) one representative from the Business Registration and
Licensing Agency;
(o) one representative from Zanzibar Business and
Property Registration Agency;
(p) one representative from the Ministry responsible for
wildlife conservation;
(q) one representative from the Zanzibar Anti-Corruption
and Economic Crimes Authority;
(r) one representative from the Drug Control and
Enforcement Authority;
(s) one representative from the Zanzibar Drugs Control
and Enforcement Authority;
(t) one representative of the Tanzania Intelligence and
Security Service; and
(u) One representative from the Prevention and Combating
of Corruption Bureau.

e representative of the Tanzania Intelligence and
Security Service; and
(u) One representative from the Prevention and Combating
of Corruption Bureau.

(3) The National Committee may co-opt a person who
appears to it to have special knowledge or experience in
investigation of matters relating to anti-money laundering. (4) Members of the National Committee established under
subsection (1) shall be-
(a) appointed by the Minister; and
(b) senior officers who possess knowledge and experience
in matters relating to money laundering, terrorist
financing and proliferation financing.

and
(b) senior officers who possess knowledge and experience
in matters relating to money laundering, terrorist
financing and proliferation financing.

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.588
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(5) In appointing members of the Committee, the Minister
shall take into consideration gender equality. (6) The Minister shall appoint an employee from the public
service to be the Secretary of the National Committee. (7) The tenure of office for members of the Committee
shall be three years but shall be eligible for re-appointment for
another term. 9.

al Committee. (7) The tenure of office for members of the Committee
shall be three years but shall be eligible for re-appointment for
another term. 9.

The functions of the National Committee shall be to-
(a) formulate, assess, regularly review and improve the
effectiveness of the policies and measures to combat
money laundering and associated predicate offences,
terrorist financing and proliferation financing;
(b) advise the Government on legislative, regulatory and
policy reforms in respect of anti-money laundering,
countering terrorist financing, countering proliferation
financing and combating crimes;
(c) coordinate activities to identify, assess and create
understanding of money laundering, terrorist financing
and proliferation financing risks at the national, sectoral,
institutional and individual level, to recommend risk
mitigation measures, to oversee implementation of the
risk assessment action plans and to ensure that such
risk assessments are kept up-to-date;
(d) coordinate engagements and engage with regional
and international anti-money laundering, countering
terrorist financing and countering proliferation
financing bodies and advise the Government
accordingly;
(e) coordinate country assessments or evaluations by
regional and international anti-money laundering,
countering terrorist financing and countering
proliferation financing bodies and advise the
Government on implementation of the resulting action
plans; and
Functions
of National
Committee
Acts Nos.

roliferation financing bodies and advise the
Government on implementation of the resulting action
plans; and
Functions
of National
Committee
Acts Nos.

1 of 2012 s. 9
2 of 2022 s. 8

1 of 2012 s. 9
2 of 2022 s. 8

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.589
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(f) establish and oversee operational mechanisms
within the United Republic to coordinate and share
information among competent authorities and other
stakeholders, in order to combat money laundering,
terrorist financing and proliferation financing. 10.–(1) The Members of the National Committee shall elect
one from their number to be the Vice-Chairman. (2) The Chairman shall preside over a meeting of the
National Committee and in his absence the Vice-Chairman
shall preside over the meeting. (3) In the absence of both, the Chairman and Vice-
Chairman, the members present shall elect one of their number
to preside at that meeting. (4) A majority of the members of the National Committee
shall constitute a quorum at a meeting. (5) The National Committee may regulate its own procedure
for the conduct of its meetings. 11. There shall be paid to the members of the National
Committee such allowances or remunerations and other
payments as shall be determined by the Minister.

ere shall be paid to the members of the National
Committee such allowances or remunerations and other
payments as shall be determined by the Minister.

PART III
PROHIBITION OF MONEY LAUNDERING
12.–(1) A person who-
(a) engages, directly or indirectly, in a transaction that
involves property that is proceeds of a predicate offence
while he knows or ought to know or ought to have
known that the property is the proceeds of a predicate
offence;
(b) converts, transfers, transports or transmits property
while he knows or ought to know or ought to have
known that such property is the proceeds of a predicate
offence, for the purposes of concealing, disguising the
Meetings
of National
Committee
Allowances and
remunerations
Offence of money
laundering
Act No. 2 of 2022
s. 9

purposes of concealing, disguising the
Meetings
of National
Committee
Allowances and
remunerations
Offence of money
laundering
Act No. 2 of 2022
s. 9

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.590
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
illicit origin of the property or of assisting a person
who is involved in the commission of such offence to
evade the legal consequences of his actions;
(c) conceals, disguises or impedes the establishment of the
true nature, source, location, disposition, movement or
ownership of or rights with respect to property, while
he knows or ought to know or ought to have known that
such property is the proceeds of a predicate offence;
(d) acquires, possesses, uses or administers property, while
he knows or ought to know or ought to have known at
the time of receipt that such property is the proceeds of
a predicate offence; or
(e) participates in, associates with, conspires to commit,
attempts to commit, aids and abets or facilitates and
counsels the commission of any of the acts described
in paragraphs (a) to (d),
commits offence of money laundering. (2) The offence of money laundering under subsection (1)
shall be separate, independent and distinct from the crime
underlying money laundering offence.

) The offence of money laundering under subsection (1)
shall be separate, independent and distinct from the crime
underlying money laundering offence.

(3) It shall not be necessary that a person first be convicted of
the crime underlying money laundering offence, in order for that
person to be convicted of money laundering in subsection (1). (4) Conviction for the offence of money laundering in
subsection (1) shall not amount to conviction for the associated
underlying crime to money laundering offence. 13.–(1) A person who contravenes the provisions of section 12
shall, on conviction-
(a) if the person is an individual, be sentenced to a fine
not exceeding five hundred million shillings and
not less than one hundred million shillings or an
amount equivalent to three times the market value
of the property, whichever is greater or to a term of
imprisonment not exceeding ten years and not less
than five years; or
Penalties for
acts of money
laundering
Acts Nos. 1 of 2012 s. 10;
4 of 2016 s. 4

imprisonment not exceeding ten years and not less
than five years; or
Penalties for
acts of money
laundering
Acts Nos. 1 of 2012 s. 10;
4 of 2016 s. 4

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.591
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(b) if the person is a body corporate, be liable to a fine not
exceeding one billion shillings and not less than five
hundred million shillings or be ordered to pay the
amount equivalent to three times the market value of
the property, whichever amount is greater. (2) Notwithstanding the provisions of subsection (1), the
Financial Intelligence Unit or regulator may apply to the court
for an order against a body corporate that has been convicted
of an offence under this section, namely-
(a) barring that body corporate from carrying on business
directly or indirectly for a period not exceeding three years;
(b) placing that body corporate under supervision of the
regulator; or
(c) permanently barring that body corporate from
carrying on business in respect of which an offence was
committed directly or indirectly.

gulator; or
(c) permanently barring that body corporate from
carrying on business in respect of which an offence was
committed directly or indirectly.

14.–(1) Where an offence under the provisions of section 12 is
committed by a body corporate or an association of persons, a
person who, at the time of the commission of the offence, was-
(a) a director, manager, controller or partner or a person
holding a similar position; or
(b) concerned in the management of its affairs,
may be convicted of that offence and shall be liable to a penalty
specified in section 13 unless that person proves that, the
offence was committed without his consent or connivance and
that he exercised such diligence to prevent the commission
of the offence as he ought to have exercised, having regard
to the nature of his functions in that capacity and to the
circumstances pertaining to commission of the offence. (2) The director, manager, controller, partner or a person
concerned in the management of affairs of a body corporate
or an association may be convicted for an offence under
subsection (1) notwithstanding that, such body corporate or
association of persons has not been convicted of the offence. (3) A person within the body corporate who would have
committed an offence if any act had been done or omitted to be
Offences by
corporate bodies
Act No.

A person within the body corporate who would have
committed an offence if any act had been done or omitted to be
Offences by
corporate bodies
Act No.

2 of 2022 s. 10

2 of 2022 s. 10

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.592
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
done by him personally, commits that offence and on conviction
shall be liable to the same penalty as if such act had been done
or omitted to be done by his agent or officer in the course of that
agent’s business or in the course of that officer’s employment
unless he proves that the offence was committed without his
knowledge or consent and he took all reasonable precautions to
prevent the doing of, or omission to do, such an act. PART IV
SUPERVISION OF ANTI-MONEY LAUNDERING,
COUNTERING TERRORIST FINANCING
AND PROLIFERATION FINANCING2
15.–(1) There shall be conducted risk assessments on money
laundering, terrorist financing and proliferation financing in
the United Republic. (2) Risk assessments in subsection (1) shall entail identifying,
assessing and understanding risks at the national, sectoral and
institutional level and commensurate risk mitigation measures
shall be applied.

fying,
assessing and understanding risks at the national, sectoral and
institutional level and commensurate risk mitigation measures
shall be applied.

(3) Risk assessments in subsection (1) shall be conducted
by competent authorities, reporting persons and other
anti-money laundering, countering terrorist financing and
countering proliferation financing stakeholders and shall be
approved by the senior management. (4) A person conducting the assessment under subsection
(1) may seek assistance, data or information from any other
person from within or outside the United Republic. (5) There shall be established mechanisms to provide
and share with relevant stakeholders, information from risk
assessments for awareness creation, to prioritise the allocation
of resources, to help in mitigating the associated risks and to
help institute implementation of adequate measures to prevent
2 The Heading to Part IV is amended by Act No. 2 of 2022 under section 11
Undertaking
risk assessment,
risk mitigation
measures and
allocation of
resources
Acts Nos. 8 of 2020 s. 5;
2 of 2022 s. 12

2 of 2022 under section 11
Undertaking
risk assessment,
risk mitigation
measures and
allocation of
resources
Acts Nos. 8 of 2020 s. 5;
2 of 2022 s. 12

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.593
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
money laundering, terrorist financing and proliferation
financing. (6) Reporting persons shall conduct money laundering,
terrorist financing and proliferation financing risk assessment
associated with-
(a) new and existing customers, countries or geographical
areas, products, services, transactions and delivery
channels;
(b) new products, business practices, services, technologies
and delivery channels prior to their launch or use;
(c) existing products, business practices, services,
technologies and delivery channels which have
undergone changes, prior to their continued use; and
(d) the use of new or developing technologies for both new
and pre-existing products. (7) Subject to subsection (6)(d), new products shall include
transfers within decentralised convertible virtual currencies or
assets networks, person-to-person transfers involving hosted
wallet providers, large value virtual currency payments or
assets transfer, mobile payments and internet-based payments
services.

ers involving hosted
wallet providers, large value virtual currency payments or
assets transfer, mobile payments and internet-based payments
services.

(8) Subject to any relevant law allowing the use of virtual
currencies or assets, when conducting risk assessment with
respect of virtual currencies or virtual assets, the reporting
persons shall pay particular attention to the risks posed by the
nodes or points of intersection that are used to move value
into and out of fiat currencies and shall focus the efforts on
identifying higher risks convertible virtual currencies or assets. (9) Reporting persons shall have appropriate mechanisms
to provide to competent authorities results, findings and other
information on risk assessments conducted in subsection (6). (10) Competent authorities and reporting persons shall-
(a) have documented policies, controls and procedures
approved by senior management, to manage and
mitigate the risks identified in subsections (1) and (6);
(b) ensure that the level of detail of the documented
policies, controls and procedures in the case of

he risks identified in subsections (1) and (6);
(b) ensure that the level of detail of the documented
policies, controls and procedures in the case of

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.594
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
reporting persons in paragraph (a) are commensurate
with the size, structure and complexity of the business
of the reporting person;
(c) monitor and audit the implementation of policies,
controls and procedures referred to in paragraph (a);
(d) regularly review and update the policies, controls
and procedures in paragraph (a) and document such
reviews and updates; and
(e) take enhanced measures to mitigate the risks in
paragraph (a) where higher risks are identified. (11) The risk assessments referred to under subsections (1)
and (6) shall be kept up-to-date at a frequency commensurate
with the identified risks, but at least once a year. (12) In accordance with the identified risks in subsections
(1) and (6), a regulator shall effectively monitor reporting
persons under its purview and take the necessary measures to
ensure that the risks are managed and mitigated and to enforce
anti-money laundering, countering terrorist financing and
countering proliferation financing compliance.

isks are managed and mitigated and to enforce
anti-money laundering, countering terrorist financing and
countering proliferation financing compliance.

(13) The United Republic may decide not to apply some
of the anti-money laundering, countering terrorist financing
and countering proliferation financing measures based on
proven low risk of money laundering, terrorist financing or
proliferation financing. (14) The reporting persons may apply simplified measures
to manage and mitigate the risks, if the risk assessments have
identified low risk areas and there is no suspicion of money
laundering, terrorist financing or proliferation financing. (15) Countering measures applied shall be proportionate to
the identified risks and explanations shall be made on their
proportionality to the risks suo motto or when called upon to
do so. (16) A person who fails to implement any anti-money
laundering, countering terrorist financing and countering
proliferation financing measures or requirements in accordance
with this section shall be liable to administrative measures as
may be imposed by the FIU or the regulator.

ing measures or requirements in accordance
with this section shall be liable to administrative measures as
may be imposed by the FIU or the regulator.

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.595
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.595
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
16.–(1) A reporting person shall-
(a) conduct customer due diligence in accordance with the
identified risks-
(i) before establishing a business relationship;
(ii) before carrying out an occasional transaction;
(iii) when money laundering, terrorist financing or
proliferation financing is suspected;
(iv) when the veracity or adequacy of documents,
data or information previously obtained for the
purposes of customer due diligence is doubted; or
(v) any time after establishing the materiality of money
laundering, terrorist financing and proliferation
financing risk;
(b) conduct ongoing monitoring after establishing a
business relationship, including the updating of
customer information;
(c) not open or operate an account in a false, disguised,
anonymous or fictitious name;
(d) not commence a business relationship prior to
completion of customer due diligence, provided that,
under proven low risk, business relationship may
commence pending the verification process;
(e) terminate an existing business relationship when
customer due diligence cannot be completed; and
(f) submit a suspicious transaction report to the FIU
when customer due diligence cannot be completed as
provided under paragraphs (d) and (e).

d; and
(f) submit a suspicious transaction report to the FIU
when customer due diligence cannot be completed as
provided under paragraphs (d) and (e).

(2) The reporting person shall, when conducting customer
due diligence-
(a) obtain and verify information on the ultimate beneficial
owners of a legal person, entity or arrangement;
(b) in relation to politically exposed person, in addition to
undertaking normal due diligence measures-
(i) have appropriate risk management systems to
determine whether the customer is a politically
exposed person;
Reporting person
to conduct
customer due
diligence
Act No. 2 of 2022 s. 13

systems to
determine whether the customer is a politically
exposed person;
Reporting person
to conduct
customer due
diligence
Act No. 2 of 2022 s. 13

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.596
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(ii) obtain senior management approval for
establishing business relationship with such
customer;
(iii) take reasonable measures to establish the source
of wealth and source of funds; and
(iv) conduct enhanced ongoing monitoring on that
relationship. (3) A reporting person may, subject to conditions prescribed
in the regulations, rely on customer due diligence conducted
by another reporting person. [s.

A reporting person may, subject to conditions prescribed
in the regulations, rely on customer due diligence conducted
by another reporting person. [s.

15A]
17.–(1) A reporting person shall-
(a) establish and maintain records of all domestic and
international transactions, know your customer
files, customer due diligence, accounts, business
correspondences, risk assessments on money
laundering, terrorist financing and proliferation
financing and suspicious transaction reports and the
results of any analysis carried out, and all other reports
and statistics required by this Act; and
(b) retain records required under this section for a
minimum period of ten years from the date-
(i) when all activities relating to a transaction or a
series of linked transactions were completed or
was last carried out;
(ii) when the business relationship was formally
ended; and
(iii) when analysis or when money laundering,
terrorist financing or proliferation financing risk
assessment was completed:
Provided that, a reporting person who closes business shall
submit all records required under paragraph (a) to the regulator
or, where there is no regulator in respect of the reporting
person, to the FIU and the provisions of this paragraph shall
not apply. Reporting
persons to
establish and
maintain records
Acts Nos. 1 of 2012 s. 11;
2 of 2022 s. 14

U and the provisions of this paragraph shall
not apply. Reporting
persons to
establish and
maintain records
Acts Nos. 1 of 2012 s. 11;
2 of 2022 s. 14

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.597
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(2) The reporting person shall, where a report has been
made to the FIU or he knows or believes that a matter is
under investigation, without prejudice to subsection (1),
retain all relevant records for as long as may be required by the
competent authority.

er is
under investigation, without prejudice to subsection (1),
retain all relevant records for as long as may be required by the
competent authority.

(3) Records required under subsection (1)(a) shall contain
particulars sufficient to identify-
(a) the name, address and occupation or where appropriate,
business or principal activity of each person-
(i) conducting the transaction; or
(ii) on whose behalf the transaction is being
conducted, as well as the method used by the
reporting person to verify the identity of each
such person;
(b) the nature and date of the transaction;
(c) the type and amount of currency involved;
(d) the type and identification number of any account with
the reporting person involved in the transaction;
(e) the following details if the transaction involves a
negotiable instrument:
(i) the name of the drawer of the instrument;
(ii) the name of the institution on which it was drawn;
(iii) the name of the payee, if any;
(iv) the amount and date of the instrument;
(v) the number, if any, of the instrument; and
(vi) details of any endorsements appearing on the
instrument; and
(f) the name and address of the reporting person, and of
the officer, employee or agent of the reporting person
who prepared the record.

strument; and
(f) the name and address of the reporting person, and of
the officer, employee or agent of the reporting person
who prepared the record.

(4) Records maintained pursuant to this section shall be
made available on timely basis to competent authorities upon
request. (5) Where a reporting person is required by any provision of
law to release any document referred to under this section, he
shall retain a copy of the document and maintain a register of

ired by any provision of
law to release any document referred to under this section, he
shall retain a copy of the document and maintain a register of

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.598
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
released documents with such particulars as may be prescribed
in the regulations. (6) A reporting person who contravenes the provisions of
this section commits an offence and shall-
(a) be liable to administrative sanctions as prescribed
under section 21; or
(b) on conviction, be liable to criminal sanctions as
provided for under this Act. [s.

to administrative sanctions as prescribed
under section 21; or
(b) on conviction, be liable to criminal sanctions as
provided for under this Act. [s.

16]
18.–(1) Where a reporting person suspects or has grounds
to suspect that, funds or property are proceeds of crime, or
are related or linked to or are to be used for commission or
continuation of a predicate offence or has knowledge of a fact
or an activity that may be an indication of money laundering,
terrorist financing, proliferation financing or predicate offence,
he shall within twenty-four hours after forming that suspicion
and, wherever possible, before any transaction is carried out-
(a) take reasonable measures to ascertain the purpose
of the funds or property, transaction or proposed
or attempted transaction, the origin and ultimate
destination of the funds or property involved, and the
identity and address of any ultimate beneficiary; and
(b) prepare a report of the transaction or proposed or
attempted transaction in accordance with subsection
(2), and submit the report to the FIU by any secure
means as may be specified by FIU. (2) A report required under subsection (1) shall contain
such particulars as may be specified in the regulations to be
made.

may be specified by FIU. (2) A report required under subsection (1) shall contain
such particulars as may be specified in the regulations to be
made.

(3) A reporting person who has reported a suspicious
transaction or proposed suspicious transaction in accordance
with this Part shall, if requested to do so by the FIU or a law
enforcement agency investigating the suspicious transaction,
give such further information in relation to such transaction. (4) A person who contravenes the provisions of subsection
(1) commits an offence and on conviction shall-
Reporting
persons to
report suspicious
transactions
Acts Nos. 1 of 2012 s. 12;
2 of 2022 s. 15

section
(1) commits an offence and on conviction shall-
Reporting
persons to
report suspicious
transactions
Acts Nos. 1 of 2012 s. 12;
2 of 2022 s. 15

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.599
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(a) if the person is an individual, be liable to a fine not
exceeding five million shillings or imprisonment for a
term not exceeding five years; or
(b) if the person is a body corporate, be liable to a fine of
not exceeding ten million or three times the market
value of the property, whichever is greater. (5) Notwithstanding the provisions of subsection (3), the
records of other transactions shall be kept in the manner as
prescribed in the regulations. [s.

Notwithstanding the provisions of subsection (3), the
records of other transactions shall be kept in the manner as
prescribed in the regulations. [s.

17]
19.–(1) A reporting person shall establish and maintain
internal policies, controls and procedures that-
(a) ensure that persons to be engaged or employed by the
reporting person are properly screened and vetted, in
order to recruit qualified persons with integrity;
(b) designate a natural person as money laundering
reporting officer, to whom its employees shall report any
actual or suspicious activities or transactions in terms
of money laundering, terrorist financing, proliferation
financing or any other criminal activity which comes to
the attention of employees in the course of work;
(c) enable the money laundering reporting officer to have
reasonable access to information that may be relevant
in determining whether sufficient basis exists to report
the suspicious activity or transaction to the FIU,
pursuant to section 18;
(d) require the money laundering reporting officer to
report the suspicious activity or transaction to the
FIU pursuant to section 18, in the event there exists
reasonable grounds to report the matter;
(e) put in place measures to ensure that employees are
made aware of the legislation relating to combating
money laundering, terrorist financing and proliferation
financing and related policies, procedures and controls,
that are established and maintained pursuant to this
Act;
Reporting
persons to
establish and
maintain internal
reporting
procedures
Act No.

controls,
that are established and maintained pursuant to this
Act;
Reporting
persons to
establish and
maintain internal
reporting
procedures
Act No.

2 of 2022 s. 16

2 of 2022 s. 16

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.600
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(f) ensure that relevant employees are appropriately trained
on a regular basis in the recognition and handling of
suspicious transactions relating to money laundering,
terrorist financing and proliferation financing;
(g) provide for compliance management arrangements
that ensure that anti-money laundering, countering
terrorist financing and countering proliferation
financing matters are addressed by the compliance
department or function; and
(h) ensure independent and regular auditing of the internal
policies, procedures and controls established in this
section is carried out.

unction; and
(h) ensure independent and regular auditing of the internal
policies, procedures and controls established in this
section is carried out.

(2) In determining whether a person has complied with any
requirement of paragraphs (e) and (f) of subsection (1), the
court shall have regard to all the circumstances of the case,
including such customs and practices as may be current in the
relevant trade, business, profession or employment, and may
take account of any relevant guidance adopted or approved
by a public authority or other body that supervises, regulates
or acts as a representative of the trade, business, profession or
employment carried on by that person. [s.

y or other body that supervises, regulates
or acts as a representative of the trade, business, profession or
employment carried on by that person. [s.

18]
20.–(1) A reporting person shall, in addition to requirements
provided for under section 19-
(a) in the case of reporting persons with group-wide
corporate structures, formulate and implement
consistent group-wide programmes to combat money
laundering, terrorist financing and proliferation
financing, which shall include policies, procedures and
controls for sharing information within the group;
(b) in the case of reporting persons whose corporate
structures extend beyond the United Republic, ensure
that their foreign branches and majority-owned
subsidiaries apply anti-money laundering, countering
terrorist financing and countering proliferation
Reporting
persons to
implement group
wide programmes
Act No. 2 of 2022 s. 16

y laundering, countering
terrorist financing and countering proliferation
Reporting
persons to
implement group
wide programmes
Act No. 2 of 2022 s. 16

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.601
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.601
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E.

2023]
financing measures consistent with the requirements
of section 19;
(c) in the case of foreign operations of such reporting
persons, where the minimum anti-money laundering,
countering terrorist financing and countering
proliferation financing requirements of the host country
or jurisdiction are less strict than those of the United
Republic, ensure that their branches and majority-
owned subsidiaries in host countries implement the
requirements of the United Republic, to the extent that
the host country legislation permits;
(d) where the host country does not permit the proper
implementation of the measures of the United Republic,
apply appropriate additional measures to manage the
money laundering, terrorist financing and proliferation
financing risks, and inform their respective regulator
in the host country or jurisdiction, and in the United
Republic; and
(e) where the additional measures are not sufficient,
the relevant regulator in the United Republic shall
consider additional supervisory actions such as placing
additional controls on the reporting person, including
as appropriate, requesting the financial group to close
down its operations in the host country or jurisdiction.

ls on the reporting person, including
as appropriate, requesting the financial group to close
down its operations in the host country or jurisdiction.

(2) A person who contravenes the provisions of this section
commits an offence and shall be liable-
(a) to administrative sanctions as prescribed in the
regulations made under section 21; or
(b) on conviction, to a fine of not less than five hundred
thousand shillings but not exceeding five million
shillings or to imprisonment for a period of twelve
months, in the case of a natural person; or
(c) on conviction, to a fine of not less than five million
shillings but not exceeding ten million shillings, in the
case of a body corporate. [s. 19]

(c) on conviction, to a fine of not less than five million
shillings but not exceeding ten million shillings, in the
case of a body corporate. [s. 19]

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.602
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
21. Where a reporting person fails to comply with the
provisions of section 15, 17, 18 or 19, the FIU or regulator shall
impose any of the following administrative sanctions:
(a) warning or caution not to repeat the conduct which led
to non-compliance;
(b) reprimand;
(c) directives to take remedial action or to make specific
arrangement to remedy the default;
(d) restriction or suspension of certain business activities;
(e) suspending a business licence; or
(f) suspension or removal from office a member of staff
who caused or failed to comply. [s. 19A]
22.–(1) A person shall not disclose or warn any person
involved in the transaction or to an unauthorised third party,
during the establishment or course of customer relationship or
when conducting occasional transactions-
(a) that, a suspicious transaction report under section 18
may be prepared, or is being prepared or has been sent
to the FIU; or
(b) any other information or matter, except so far as is
required by this Act.

8
may be prepared, or is being prepared or has been sent
to the FIU; or
(b) any other information or matter, except so far as is
required by this Act.

(2) A person who contravenes the provisions of subsection
(1), commits an offence and on conviction shall-
(a) if the person is an individual, be liable to a fine not
exceeding five hundred million shillings and not less than
one hundred million shillings or to imprisonment for a
term not exceeding ten years and not less than five years;
(b) if the person is a body corporate, be liable to a fine not
exceeding one billion shillings and not less than five
hundred million shillings or three times the market
value of the property, whichever amount is greater. [s. 20]
23.–(1) The provisions of this Part shall have effect
notwithstanding any obligation as to secrecy or other
Administrative
sanctions
Acts Nos. 1 of 2012 s. 13;
2 of 2022 s. 17
Tipping off
Act No. 1 of 2012 s. 14
Secrecy obligation
overridden
Acts Nos. 1 of 2012 s. 15;
2 of 2022 s. 18

cts Nos. 1 of 2012 s. 13;
2 of 2022 s. 17
Tipping off
Act No. 1 of 2012 s. 14
Secrecy obligation
overridden
Acts Nos. 1 of 2012 s. 15;
2 of 2022 s. 18

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.603
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
restrictions, upon the disclosure of information imposed by
any law or otherwise. (2) For the purpose of subsection (1), competent authorities
and reporting persons may, on matters related to combating
money laundering, terrorist financing and proliferation
financing, share information among each other or with their
counterparts overseas. [s. 21]
24.–(1) Notwithstanding any other written law, no criminal,
civil or administrative proceedings for breach of banking or
professional secrecy or contract shall be instituted against
a reporting person, or a person employed or engaged by the
reporting person, or a partner of a reporting person who, in
good faith, submitted a report or supplied information in
compliance with this Act.

y the
reporting person, or a partner of a reporting person who, in
good faith, submitted a report or supplied information in
compliance with this Act.

(2) In any criminal proceedings brought under this Act,
the court may, upon an application by the Attorney General,
order-
(a) witness testimony to be given through the use of
communication technology such as video conferencing;
(b) non-disclosure or limitations as to the identity and
whereabouts of a witness taking into account the
security of the informer or witness; or
(c) any other protection as the court may, upon application
by the Attorney General, order. (3) The provisions of subsection (1) shall apply equally to
victims in so far as are witnesses. [s. 22]
25.–(1) A person, who transports into or out of the territory
of the United Republic, cash or a bearer negotiable instrument
in any amount equal to or above the amount prescribed in the
regulations, shall declare to an officer of customs such cash or
bearer negotiable instrument and the customs shall transmit
that information to the FIU. Protection
of reporting
persons,
witnesses and
informers
Acts Nos. 1 of 2012 s. 16;
2 of 2022 s. 19
Obligation to
report physical
cross border
transportation
of cash or bearer
negotiable
instruments
Acts Nos. 1 of 2012 s. 17;
2 of 2022 s. 20

22 s. 19
Obligation to
report physical
cross border
transportation
of cash or bearer
negotiable
instruments
Acts Nos. 1 of 2012 s. 17;
2 of 2022 s. 20

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.604
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(2) Subject to subsection (1), a customs officer shall have
powers to stop and restrain cash or bearer negotiable instrument
for a reasonable time in order to make the necessary enquiries
or to ascertain whether evidence of money laundering, terrorist
financing or proliferation financing may be found. (3) Where a customs officer exercises the powers under
subsection (2), he shall notify the owner of the cash or bearer
negotiable instrument on the time expected to be spent to
conduct the necessary enquiries or ascertainment which shall
not exceed fourteen days.

earer
negotiable instrument on the time expected to be spent to
conduct the necessary enquiries or ascertainment which shall
not exceed fourteen days.

(4) Where a customs officer is satisfied that-
(a) amount of cash or bearer negotiable instruments has
not been declared;
(b) amount of cash or bearer negotiable instruments or any
other particular, detail or information has been falsely
or inaccurately declared;
(c) the person making the declaration has not provided
convincing or satisfactory responses on, among others,
the source of the cash or bearer negotiable instruments,
the ultimate beneficiaries, or the intended use of the
cash or bearer negotiable instruments; or
(d) there is suspicion of money laundering, terrorist
financing, proliferation financing or predicate offence,
even if cash or bearer negotiable instruments have been
correctly or accurately declared,
he shall take reasonable measures including seizing part or
the whole amount of cash or bearer negotiable instruments. (5) The FIU shall open a special account into which all the
seized cash or bearer negotiable instruments shall be kept. (6) Where a person fails to comply with the reporting
obligation provided for under subsection (1), competent
authority may impose any administrative sanction against
such person.

omply with the reporting
obligation provided for under subsection (1), competent
authority may impose any administrative sanction against
such person.

(7) A person who contravenes the provisions of subsection
(1) or otherwise, commits an offence and shall be liable to a
penalty provided for in section 33.

person who contravenes the provisions of subsection
(1) or otherwise, commits an offence and shall be liable to a
penalty provided for in section 33.

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.605
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
(8) A person who, knowingly, makes false or wrong
reporting of cash or a bearer negotiable instruments, commits
an offence and shall be liable to a penalty provided for under
section 33, and in addition, the court may order confiscation
of cash or a bearer negotiable instrument in respect of which
an offence was committed. [s. 23]
26.–(1) The regulator or FIU shall-
(a) enforce compliance by reporting persons in accordance
with the requirements of this Act;
(b) conduct onsite and offsite examinations for the purpose
of monitoring and ensuring compliance by reporting
persons; and
(c) impose administrative sanctions for non-compliance. (2) Subject to subsection (1)(b), the supervision for anti-
money laundering, countering financing terrorism and
countering proliferation financing compliance shall include
the application of the consolidated group supervision or
monitoring. [s. 23A]
PART V
FINANCIAL PROVISIONS
27.

ation financing compliance shall include
the application of the consolidated group supervision or
monitoring. [s. 23A]
PART V
FINANCIAL PROVISIONS
27.

The funds of the FIU shall consist of-
(a) such sums as may be appropriated by the Parliament;
and
(b) grants and donations lawfully received by the FIU. [s. 24]
28. The financial year of the FIU shall be the period of twelve
calendar months beginning on the first day of July of every
year. [s. 25]
Regulator’s
obligation
Acts Nos. 1 of 2012 s. 17;
2 of 2022 s. 21
Sources of fund
Financial year

nning on the first day of July of every
year. [s. 25]
Regulator’s
obligation
Acts Nos. 1 of 2012 s. 17;
2 of 2022 s. 21
Sources of fund
Financial year

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.606
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
29.–(1) The FIU shall keep accounts and records of its
transactions and affairs and shall ensure that all moneys
received are properly brought to account and all payments out
of its moneys are correctly made and properly authorised and
adequate control is maintained over its property. (2) The Commissioner shall, as soon as practicable but not
later than ninety days after the thirtieth day of June in each year,
cause to be submitted to the Controller and Auditor-General,
accounts and financial records of the FIU, who shall audit them
and prepare a report on the accounts and submit the report to
the Minister, who shall lay it before the National Assembly. [s. 26]
PART VI
MISCELLANEOUS PROVISIONS
30.

ort on the accounts and submit the report to
the Minister, who shall lay it before the National Assembly. [s. 26]
PART VI
MISCELLANEOUS PROVISIONS
30.

An action shall not be taken against the FIU, the
Commissioner, members of the National Committee and
employees of FIU in respect of an act done or omission made
by the FIU, Commissioner, members of the Committee or
an employee of the FIU in good faith, in the exercise of the
functions conferred on the FIU under this Act and the
Criminal Procedure Act. [s. 27]
31. The procedure in relation to arrest, information gathering
powers, trial, determination, confiscation, forfeiture, pecuniary
penalty and restraining orders and control of property liable to
confiscation, shall be in accordance with the provisions of the
Proceeds of Crime Act and the Criminal Procedure Act. [s. 28]
32. A person who is or was engaged in the administration of
this Act and discloses any information acquired by that person
by virtue of his position to unauthorised person, commits an
offence. [s. 28A]
Accounts and
audit
Act No. 1 of 2012 s. 18
Immunity
Cap. 20
Application of
proceeds of crime
Caps. 256
and 20
Disclosure of
information
Act No. 1 of 2012 s. 19

and
audit
Act No. 1 of 2012 s. 18
Immunity
Cap. 20
Application of
proceeds of crime
Caps. 256
and 20
Disclosure of
information
Act No. 1 of 2012 s. 19

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.607
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
33.–(1) Where a person contravenes any provision of this Act
or regulations made under this Act and no specific penalty is
stipulated for that offence, that person on conviction shall-
(a) in case of an individual person, be liable to a fine not
exceeding five hundred million shillings and not less
than one hundred million shillings or be ordered
to pay the amount equivalent to the total amount of
money involved or market value of the property, which
ever amount is greater or imprisonment for a term not
exceeding three years;
(b) in case of a body corporate, be liable to a fine of not less
than five hundred million shillings or be ordered to pay
the amount equivalent to the total amount of money
involved or market value of the property, which ever
amount is greater.

llings or be ordered to pay
the amount equivalent to the total amount of money
involved or market value of the property, which ever
amount is greater.

(2) For purposes of subsection (1), every director,
manager, controller, principal officer or a person holding a
similar position in a body corporate shall be deemed to have
committed the offence unless that person proves that, the
offence was committed without his consent or connivance and
that he exercised such diligence to prevent the commission of
the offence as he ought to have exercised, having regard to the
nature of his functions in that capacity and to the circumstances
pertaining to commission of the offence. [s. 28B]
34.–(1) The High court shall have jurisdiction to try a person
from a foreign state for an offence committed outside the
United Republic which would constitute an offence under this
Act. (2) A person from a foreign state shall not be prosecuted
except with the consent of the Director of Public Prosecutions. (3) For the purpose of subsection (1), prosecution against a
person who commits an offence outside the United Republic
shall only be conducted where that person cannot be extradited
to a foreign state where the offence was committed. [s. 28C]
General penalty
Acts Nos. 1 of 2012 s. 19;
2 of 2022 s. 22
Court jurisdiction
over foreigner
Act No. 1 of 2012 s.

the offence was committed. [s. 28C]
General penalty
Acts Nos. 1 of 2012 s. 19;
2 of 2022 s. 22
Court jurisdiction
over foreigner
Act No. 1 of 2012 s.

19

19

©2025 Government of Tanzania. All rights reserved. No part of this book may be reproduced or distributed without permission of OAG.608
THE ANTI-MONEY LAUNDERING ACT [CAP. 423 R.E. 2023]
35.–(1) Competent authorities shall keep and maintain the
following statistics concerning money laundering, terrorist
financing and proliferation financing and predicate offences:
(a) statistics on investigations, prosecutions, convictions,
seizures, freezing, forfeiture and confiscations of
proceeds and instrumentalities of crime; and
(b) information on mutual legal assistance, extraditions,
suspicious transaction reports and other reports that
are submitted to the FIU, intelligence reports that are
disseminated by the FIU and any other information
that competent authorities exchange with counterparts
at the national and international level,
and shall provide the statistics to the FIU semi-annually in
the manner as the FIU and the relevant competent authority
shall agree. [s. 28D]
36.–(1) The Minister may make regulations for the better
carrying out of the purposes and provisions of this Act.

tent authority
shall agree. [s. 28D]
36.–(1) The Minister may make regulations for the better
carrying out of the purposes and provisions of this Act.

(2) Without prejudice to the generality of subsection (1),
the Minister may make regulations prescribing-
(a) matters required or permitted by this Act to be
prescribed;
(b) manner and procedure of carrying out customer due
diligence;
(c) the manner and procedure for making declaration
of cash or bearer negotiable instruments that are
transported in or out of the United Republic; and
(d) matters which are necessary or convenient to be
prescribed for carrying out or giving effect to this Act. [s. 29]
Maintenance of
statistics
Act No. 2 of 2022 s. 23
Regulations
Acts Nos. 1 of 2012 s. 20;
2 of 2022 s. 24