africa Banking Economy Finance Legislation Tanzania

Bank of Tanzania revokes licence of 110 Forex & money transfer bureaux

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The Bank of Tanzania (BoT) has shut down a total of 110 foreign exchange and money transfer bureaux as of January 31 this year, after they reportedly failed to meet new regulations.

At the same time, a total of 65 bureaux are still undergoing a review to determine whether they will meet regulations or not.

BoT manager of the Directorate of Banking Supervision, Eliamringi Mandari, told journalists in Mtwara on Tuesday that out of 297 bureaux operating in the country, only 71 have so far been relicensed to continue with operation.

The decision to relicense the bureaux came as a result of the Central Bank decision to amend its regulations, in order to control their business which was now perceived as a place for money laundering.

Consequently, the BoT will finalize its reviewing process at the end of February.

Source: Journal du Cameroun

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