wmlro.com: Tanzania's FIU can't do its job - report
Media reports in Tanzania's The East African newspaper says that the Comptroller and Auditor General has reported that the Bank of Tanzania, the central bank, is too short of resources to properly operate its FIU.
The report, published last week, is said to say that the bank "lacks comprenensive money laundering policy and procedures" and "that is it incapable of effectively monitoring money laundering and terrorism funding because it lacks integrated policies."
Ludovick Utouh, The Controller and Auditor General is not at all happy, it seems. He says that he made recommendations in 2007 and 2008 and still sufficient action has not been taken.
Tanzania's current law is The Anti Money Laundering Act 2006 and 2007 Regulations made under that Act. It established the FIU but the unit has never been properly resourced, staffed or implemented, Utouh implies.
Mr Utouh is quoted as saying "the bank had no comprehensive guidelines in place covering all relevant areas including Directorate of Banking, Foreign Department, bank branches, staff, government and other deposits monitoring units."
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