Tanzania has intensified its fight against money laundering by focusing on high-risk sectors such as digital asset trading and real estate. The country is preparing for its third national risk assessment scheduled for 2028. Financial Intelligence Unit Commissioner Majaba Magana stated that the assessment will review progress and identify gaps amid evolving criminal tactics. Previous assessments have identified real estate and digital assets as key vulnerabilities exploited by criminals.
The 2028 national risk assessment will evaluate Tanzania's progress in combating money laundering and identify areas for improvement. Commissioner Magana noted that some criminals take advantage of peaceful countries like Tanzania to generate and launder illicit funds before financing criminal networks elsewhere. He emphasized the need for a comprehensive regulatory framework to oversee digital assets, which have grown rapidly globally but expose the economy to risks.
The Tanzanian government has initiated plans to establish legal frameworks for licensing and regulating digital asset service providers while protecting citizens. Bank of Tanzania Deputy Governor Sauda Msemo stressed that preparations for the 2028 assessment require close collaboration between public and private institutions. Robust compliance systems strengthen investor confidence and enhance international trade partnerships, she added.
Deputy Minister for Finance Mshana Munde attributed previous shortcomings to a lack of coordinated understanding among stakeholders rather than inadequate efforts. He expressed optimism that ongoing capacity-building initiatives will improve information sharing and institutional cooperation ahead of 2028. Munde emphasized the need for stakeholders to work together to combat money laundering.
A representative of the Ministry of Finance, Permanent Secretary Nsubili Joseph, warned that money laundering undermines national financial stability and pushes up consumer prices. He urged commercial banks and private institutions to actively identify and report suspicious transactions. Joseph emphasized the importance of cooperation between institutions to combat money laundering.
Eastern and Southern Africa Anti-Money Laundering Group Senior Expert Joseph Jagada cited resource constraints, legal delays, and weak political commitment as common challenges across the region. He commended Tanzania's proactive approach, stressing that success ultimately depends on seamless collaboration across the justice chain. Jagada cautioned that weaknesses at any stage could undermine the country's overall efforts to combat money laundering.
The Financial Intelligence Unit and other stakeholders are working together to strengthen Tanzania's anti-money laundering framework. The country aims to improve its ability to detect and prevent money laundering, particularly in high-risk sectors such as real estate and digital assets. By doing so, Tanzania hopes to protect its economy and financial system from the risks associated with illicit financial flows.
Key points
- Tanzania targets high-risk sectors such as digital asset trading and real estate to combat money laundering.
- The country is preparing for its third national risk assessment scheduled for 2028.
- Collaboration between public and private institutions is crucial to combating money laundering in Tanzania.
