Professional Documents
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JUN E 1 2 , 2 0 1 9
This Finance Briefing provides an overview of some of the relevant provisions of the Regulations to ensure
professionals are more aware of their heightened obligations.
1. Information to be This provision requries that banks, accountancy firms and other
contained in similar persons (Reporting Persons) collect a range of
Electronic funds information whenever they process electronic funds transfers
transfer and currency (either domestic or international) or currency transactions (any
transaction cash-based transaction involving deposit, withdrawal, exchange,
(regulation 4 and the payment or receipt of currency in Tanzanian Shillings or any
schedules of the foreign currency).
Regulations)
Amongst other information, the following must be collected:
2. Obligation to report This provision requires that Reporting Persons report to the
currency transactions Financial Intelligence Unit, any currency transaction in
and electronic fund Tanzanian Shillings or foreign currency that is equivalent to US
transfers (regulation 5 $10,000 or more in the course of a single transaction.
of the Regulations)
This provision further asserts that Reporting Persons must
report to the Financial Intelligence Unit, an electronic funds
transfer involving Tanzanian Shillings or foreign currency that is
equivalent to US $1,000 or more, in the course of a single
transaction.
The Regulations make it clear that the above shall apply to all
sole practitioners, partners or employed professonals within
professional firms when they engage in any of the
aforementioned activities.
4. Circumstances where This provision requires that every accountant or accounting firm
accountants shall report to the Financial Intelligence Unit, when they engage in
report currency the following types of activities:
transactions
(regulation 7 of receiving or paying funds on behalf of any person or entity
Regulations)
purchasing or selling securities, shares, real properties or
business assets or entities on behalf of any person or entity
The Regulations make it clear that the above shall apply to all
sole practitioners, partners or employed accountants within
accounting firms when they engage in any of the
aforementioned activities on behalf of their employer.
6. Format and period of This provision requires that all Reporting Persons report to the
reporting (regulation Financial Intelligence Unit, electronically or as otherwise
12 of Regulations) required by the Financial Intelligence Unit, within 5 working
days of the date of the relevant transaction or transfer.
As at the date of this Finance Briefing, the Regulations are publicly available.
Clyde & Co Tanzania's finance and real estate team have the legal expertise to support borrowers, property owners / developers and investors
that may have any questions on the Act and its implications on the use of landed property to secure debt. We are available to respond to any
legal questions you may have on the subject.
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this summary. Further advice should be taken before relying on the contents of this summary. Clyde & Co Tanzania accepts no responsibility for
loss occasioned to any person acting or refraining from acting as a result of material contained in this summary. No part of this summary may
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regulated by the Solicitors Regulation Authority. © Clyde & Co LLP 2015
ed content
2019 1 6 JAN UAR Y, 2 0 1 8
AR Y, 2 0 1 8
Authors
Peter Kasanda
Partner
Tenda Msinjili
Senior Associate
Michaela Marandu
Senior Associate
Kankiza Tibaijuka
Associate
Categories
Sectors
Services
Locations
Dar es Salaam
Type