The Financial Action Task Force (FATF), the global body responsible for setting standards to combat money laundering, terrorist financing, and the financing of weapons of mass destruction, has officially removed Tanzania from its "Grey List of countries under increased monitoring."
This removal was confirmed by FATF President Elisa de Anda Madrazo at the conclusion of the organization's plenary meeting, held in Strasbourg, France, from June 10 to 13.
Tanzania was placed on the grey list in October 2022 due to identified strategic deficiencies in its mechanisms to combat financial crimes, notably money laundering and terrorist financing.
Reacting to the announcement, Tanzanian Finance Minister Mwigulu Nchemba reaffirmed his country's commitment to protecting the integrity of its financial system.
"Tanzania will continue to build on the progress already made and will keep working with both national and international stakeholders to combat money laundering, terrorist financing, and the financing of weapons of mass destruction," he stated, adding, "Our goal is to preserve the reputation of integrity and transparency in Tanzania’s financial systems, which is essential for sustainable development and prosperity."
