Zanzibar launches anti-money laundering law

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TRA’s taxpayer education and services director, Mr Richard Kayombo. The Citizen

The Zanzibar Archipelago, situated off the coast of East Africa in the Indian Ocean, is taking steps to keep itself from becoming a haven for money laundering.

On Monday, anti-money laundering measures already in effect in Tanzania were extended to Zanzibar. Authority (TRA).

The Tanzanian Revenue Authority (TRA) said in a statement that the move was aimed at sensitizing the public on the importance of declaring their financial status in line with the law. The new law requires people intending to move 10,000 U.S. dollars or its equivalent in cash out of Zanzibar to declare their intentions to the TRA.

“This law is practiced across the world,” said Richard Kayombo, TRA Director for Taxpayer Education and Service, adding that the legislation started to be applied in Tanzania mainland in 2017.

“The law forbids one from moving 10,000 U.S. dollars or more, or its equivalent in Tanzanian shillings or any foreign currency, across Tanzania’s borders without declaring the same to TRA’s Customs Department,” he said.

The government also tightened forex controls by raising the minimum capital requirement for forex bureaus, placed a moratorium on new operations and required extant traders to apply for new licenses.

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