Bank of Tanzania warns public against ‘renting’ accounts for suspicious transfers

He said the central bank continues to educate the public on the risks associated with money laundering and how individuals can avoid being unknowingly involved in illegal financial activities.

“BoT continues to educate the public through various platforms to raise awareness about the risks associated with money laundering and ways citizens can protect themselves from being unknowingly involved in illegal financial activities,” he said.

Mr Naniya said Tanzania has made progress in strengthening its anti-money laundering framework, with regulators and other institutions working together to ensure compliance with financial sector laws and regulations.

He said financial sector regulators collect data, conduct inspections and issue directives to supervised institutions to ensure they meet anti-money laundering requirements.

Mr Naniya urged the public to avoid suspicious transactions, particularly requests from individuals to use their accounts for depositing or withdrawing money without knowing the source of the funds.

He also cautioned against allowing vehicles or other assets to be registered in their names when the source of funds used to acquire them is unclear.

“Even if a person did not directly participate in a crime, being involved in suspicious or unexplained transactions could expose them to legal consequences,” he said.

Mr Naniya encouraged citizens to seek accurate information on money laundering and follow guidance from relevant authorities to avoid falling victim to financial crimes.

Under Tanzania’s anti-money laundering laws, a person convicted of money laundering may face imprisonment and a fine.