Browsing by Author "Mtenga, Deogratias Patrick"

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    A survey study on adherence and effectiveness of the anti money laundering regulations among financial institutions in Tanzania: the case of CRDB and NBC
    (University of Dar es Salaam, 2012) Mtenga, Deogratias Patrick
    Money laundering is a global problem with a significant policy concern for governments, institutions and other private key players (Masciandaro, 2003). Scholars have explored this problem from local to international dimensions. This survey study was on adherence and effectiveness of AML regulations in Tanzania. This has been a justifiable problem since there is very limited literature available on this area. This study aimed at assessing the adherence and the effectiveness of Anti-Money Laundering regulations by financial institutions in Tanzania. The study used CRDB and NBC as case studies. Study methodologies included the desk study reviews; field research survey pilots and the field data collection survey. The main findings from the study include the following. All banks have money laundering departments at the head offices. Occurrence of ML incidences has been increasing over years. Officers have undergone training on AML. Major effects of ML are Drug trafficking, corruption, bribery, illegal arms dealings, tax evasion. Banks comply with BOT’s AML regulations as well as pursue of cooperation with BOT in the fight against ML. Banks comply with AML regulations as stipulated in the BFIA of 2001 as well as the AML Act of 2006. In average banks have effective linkage with the BOT in ensuring adherence to AML regulations. Therefore the researcher came up with the following recommendations. Banks to comply with AML Acts. Efforts to control ML should be placed. Enforcement mechanism measures should be established. Also, banks should increase efforts to combat the rising ML threats and adherence to the AML Acts.