Featured Tanzania

Equity Bank among lenders fined in Tanzania for breaching anti-money laundering laws

Equity Bank Tanzania, a subsidiary of Kenyan based Equity Group is among five banks fined a total of Sh83 million by Tanzania for flouting anti-money laundering regulations. Bank of Tanzania (BoT) said the five failed to conduct proper customer due diligence and file suspicious transaction reports to the Financial Intelligence… Read More

Tanzanian leader suggests amnesty for financial crimes

Tanzania’s president said on Sunday people held on charges of tax evasion, money laundering and other financial crimes should be freed if they confess and return the cash. John Magufuli said it was only a recommendation – and it was not immediately clear what impact his words would have on… Read More

Tanzania charges journalist, rights groups say case politically motivated

An investigative journalist in Tanzania has been charged with money laundering, tax evasion and assisting a criminal racket, according to a court document seen by Reuters, charges his lawyer and rights groups said were politically motivated. Rights groups say press freedom in Tanzania has drastically deteriorated since the election in… Read More
26th June 2019
Tanzania has tightened its currency controls with new regulations on foreign exchange bureaus, in what authorities say is an ongoing fight against money laundering and currency speculation. The new rules, published Monday by the central bank, come months after the government revoked the licences of around 100 bureaus and temporarily… Read More
4th April 2019
Tanzanian authorities on Wednesday charged the managing director of Vodacom Tanzania and other telecom executives with economic crimes, court documents seen by Reuters showed. Egyptian Hisham Hendi and other telecom executives “intentionally and wilfully organized a criminal racket, which caused the government … to suffer a pecuniary loss” of more… Read More
11th March 2019
The former chief executive officer of Tanzania’s Bank M was charged with fraud and money laundering on Thursday, two months after the central bank revoked the bank’s licence. Sanjeev Kumar, who denied the charges at a court in the commercial capital Dar es Salaam, was sent to a remand prison… Read More
3rd December 2018
A three-year settlement deal reached between Britain’s Serious Fraud Office (SFO) and Standard Bank over bribery allegations has come to an end, British officials said. SFO director Lisa Osofsky said she welcomed the “successful conclusion” of the agreement. In November 2015, the two parties entered into a deferred prosecution agreement… Read More
21st November 2018
Tanzania’s central bank conducted a surprise inspection of foreign exchange bureaus in a crackdown on black market currency trading and money laundering, it said on Tuesday. Soldiers and other security forces took part in Monday’s operation in the northern town of Arusha, a tourism and gemstone trading hub, so different… Read More
9th November 2017
Kenya, Uganda and Tanzania are among the countries in east Africa where international lenders have cut-off correspondent banking relationships for fear of being exposed to charges of money laundering and terrorism financing. “The withdrawals of correspondent Bank relationships (CBRs) could result in longer payment… Read More
19th September 2017
Some African countries are at risk of getting slapped with sanctions and trade restrictions for their dealings with North Korea. A report was released by United Nations panel of experts on September 9th, two days prior to the UN Security Council’s unanimous adoption of a tough new round of sanctions… Read More
18th September 2017
Tanzanian President John Magufuli’s deepening dispute with companies he accuses of being tax cheats is rattling investors and dimming the allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase revenue from natural resources to help fund his industrialization… Read More
21st July 2017
The Tanzania Revenue Authority (TRA) has closed five distillery plants in Arusha Region for alleged tax evasion. The TRA’s Manager for Debts and Voluntary Tax Compliance in Arusha Region, Irine Hans, mentioned the plants as TanBev Company Ltd, which produces London Dry Gin; Banana Investment, which manufactures ‘Fiester’ and ‘Rafiki’… Read More
6th March 2017
Mobile money providers like M-Pesa have disrupted traditional financial systems in many countries in ways conventional banks could only dream of. Read More