Morogoro. Tanzania has stepped up efforts to combat illicit financial flows by targeting high-risk sectors, including digital asset trading and real estate, while preparing institutions for the third national risk assessment scheduled for 2028.
Speaking during a five-day training workshop here on Monday, November 9, 2026, Financial Intelligence Unit (FIU) Commissioner Majaba Magana said the 2028 assessment would review progress and identify gaps amid evolving criminal tactics.
He noted that previous assessments had identified real estate and digital assets as key vulnerabilities exploited by criminals to conceal proceeds of crime.
“Some criminals take advantage of peaceful countries like Tanzania to generate and launder illicit funds before financing criminal networks elsewhere,” said Mr Magana.
On digital assets, he said that despite their rapid global growth, the absence of a comprehensive regulatory framework exposed the economy to risks.
The government had consequently initiated plans to establish legal frameworks for licensing and regulating service providers while protecting citizens.
Bank of Tanzania (BoT) Deputy Governor Sauda Msemo said preparations for the 2028 assessment required close collaboration between public and private institutions.
She noted that robust compliance systems strengthened investor confidence and enhanced international trade partnerships.
“Citizens must also be sensitised to the origins of illicit funds, which typically stem from corruption and theft before being integrated into formal financial systems,” said Ms Msemo.
Deputy Minister for Finance Mshana Munde said previous shortcomings had resulted from a lack of coordinated understanding among stakeholders rather than inadequate efforts.
He expressed optimism that ongoing capacity-building initiatives would improve information sharing and institutional cooperation ahead of 2028.
A representative of the Ministry of Finance, Permanent Secretary Nsubili Joseph, warned that money laundering undermined national financial stability and pushed up consumer prices.
He urged commercial banks and private institutions to actively identify and report suspicious transactions.
Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Senior Expert Joseph Jagada cited resource constraints, legal delays and weak political commitment as common challenges across the region.
He commended Tanzania’s proactive approach, stressing that success ultimately depended on seamless collaboration across the justice chain, from investigations and prosecutions to court proceedings.
He cautioned that weaknesses at any stage could undermine the country’s overall efforts to combat money laundering.