Tanzania on Monday urged the Southern African Development Community (SADC) members to join forces in the fight against money laundering and terrorism financing which were likely to disturb economies of the region.
Doto James, the permanent secretary in the Ministry of Finance and Planning, told a virtual meeting of SADC treasury officials, SADC central bank governors and economic experts hosted by Tanzania that money laundering and terrorism financing were likely to derail efforts aimed at attracting foreign investments in the SADC region.
James said failure by some SADC members to control money laundering and terrorism financing could attract imposition of international economic sanctions for failing to meet standards set by the Financial Action Task Force, an inter-governmental organization that develop policies to combat money laundering and terrorism financing.
The three-day meeting will discuss the impact caused by the COVID-19 pandemic, finance and investment, the SADC regional development and economic challenges facing the region including budget constraints.
Tanzania is the current chair of the SADC, an inter-governmental organization established in 1992 to further socio-economic cooperation and integration as well as political and security cooperation among 16 members.