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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Zanzibar has started to apply new anti-money laundering laws

DAR ES SALAAM (Xinhua) -- The Zanzibar Archipelago, situated off the coast of East Africa in the Indian Ocean, on Monday began to apply the anti-money laundering law, said the Tanzania Revenue Authority (TRA).

TRA said in a statement that people intending to move 10,000 U.S. dollars or its equivalent in cash out of Zanzibar without declaring the same to the revenue authority may find themselves in trouble.

The introduction of the anti-money laundering legislation came on the back of the government of Tanzania’s decision to extend anti-money laundering measures to Zanzibar.

Tanganyika and Zanzibar merged in 1964 to form the United Republic of Tanzania.

“TRA-Zanzibar is implementing the Anti-Money Laundering and Proceeds of Crime Act (No. 10 of 2009), and the Anti-Money Laundering (Cross-Border Declaration of Currency and Bearer Negotiable Instruments) Regulations, 2015,” TRA said in the statement.

Richard Kayombo, TRA Director for Taxpayer Education and Services, said the new law was aimed at sensitizing the public on the importance of declaring their financial status in line with the law.

“This law is practiced across the world,” said Kayombo, adding that the legislation started to be applied in Tanzania mainland last year.

“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.

             

 

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