Paper
Circular No. 08 On The Money Laundering Control
Money laundering circular in Tanzania
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This document discusses laws to control money laundering that are applicable to all licensed banks and financial institutions in Tanzania. The document is divided in seven parts and discusses the following:
- Terminologies used in the Circular;
- Policies and procedures to be established under this Act by the banks and the financial institutions;
- Identification procedures to be placed to verify the identity of the customers;
- Communication to be done with the staff and provide information on the policies and providing appropriate training to them.
Issues relating to record keeping of the information:
- Like retaining of documents, and retrieving the information on time;
- Recognition and reporting of suspicious transaction.
Education and training aspects of these policies to the employees of the respective organizations:
- Development of training program on money laundering;
- Penalties and sanctions on institutions for not abiding by this circular which even includes the revoking of banking license.
The document concludes by listing various schedules which present examples of money laundering by means of different suspicious transactions.
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