Challenges facing commercial banks in combating money laundering: a case of Commercial Bank (NMB) –Dar es Salaam.

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Date
2011
Journal Title
Journal ISSN
Volume Title
Publisher
University of Dar es Salaam
Abstract
Tanzanian banks need to operate in crime and money laundering free environment as ML can distort business decisions and increase the risk of bank failures. Therefore, if a bank is subjected to money laundering it will face the challenges of losing its reputation and consequently its business. The aim of the study was to assess the challenges facing commercial banks in combating Money Laundering the case study of NMB bank with some comparative studies from Financial Intelligence Unit. The study was conducted on a case study design; Required Data were collected using questionnaires, interviews guide, documentations and observation techniques' Analysis was performed using Statistical Package for Social Sciences (SPSS) and the output was based on descriptive statistics. The study revealed that ML is a challenge. The major challenges identified were detection of suspicious transactions, limited knowledge which comprised with education, awareness and training and poor banking systems in trapping of money launders. Additionally, change and emerging of more sophisticated money laundering techniques like increased technology of money transfer and failure of technical proof have also been classified as challenges. ML being a new concept to most of the people especially Tanzanians needs more intensive research which will include a much bigger coverage so that more generalized findings and better understanding can be obtained. Also the government is advised to establish in the higher learning institutions especially business institutions' syllabi a course on Money Laundering and related crimes as a strategy to mitigate these problems in the society.
Description
Available in print form, East Africana Collection, Dr. Wilbert Chagula Library, Class mark (THS EAF HG3397.S53)
Keywords
Money laundering, Banks and banking, Commercial banks, National Microfinance Bank, Dar es Salaam region, Tanzania
Citation
Gerini, S. (2011). Challenges facing commercial banks in combating money laundering: a case of Commercial Bank (NMB) –Dar es Salaam. Master dissertation, University of Dar es Salaam.