Concern over Dar’s place in dirty cash list

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The business community has asked the government to urgently organise a stakeholders’ meeting to look into the blacklisting of Tanzania over claims of money laundering.The business leaders are anxious to see a quick solution to the crisis, which has seen the Financial Action Task Force on Money Laundering (FATF) blacklist the country for failing to meet international standards of doing  business.  They asserted that the international money-laundering watchdog’s action could have serious business consequences for the country. Financial transactions to and from Tanzania would, for example, be subjected to more intense scrutiny.

Ghana, Thailand, Pakistan and Indonesia are also on the FATF list released on Tuesday.    Mr Mtemi Naluyaga, the chief executive officer of the Tanzania Exporters Association (Tanexa), said the FATF move would have multiple and immediate impact on both importers and exporters of goods and services.

“This is because, as a nation, we have already lost the confidence our counterparts had on us,” he said.  “Once they learn about this, it will further erode their trust in us. Our businesses are going to suffer as some of them may stop doing business with us because the country has failed to meet the international standards in financial management.”
Blacklisting would make it even harder for the government to woo more prospective foreign investors and business persons.
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