Annual general report of the controller and - Parliament of Tanzania

However, reviewing of status of EPA Liabilities and related
procedures as the bank plan is of paramount importance.
It is our view that, the bank should speed up the process of
engaging the consultant to undertake the assignment in
order to address the weaknesses identified in the Auditors
Special Audit report.
Furthermore, the Government should not end up with EPA
only, but it has to arrange for the review of other areas
with identified weaknesses like Commodity Import Support
Fund, in order to make sure that people do not squander
public money which can be used to enhance economic
performance of the country.
• BoT Lacks integrated policies on Money Laundering
and Terrorist funding monitoring.
In year 2006, Tanzania enacted Anti-money Laundering Act
to make better provision for prevention and prohibition of
money laundering. To provide for the disclosure of
information on money laundering the Government
established a Financial Intelligence Unit (FIU) and the
National Multi- Disciplinary Committee on Anti-money
Laundering.
According to the Anti-Money Laundering Act of 2006 and its
Regulations 2007, BOT has two roles namely; regulatory
authority and at the same time as a reporting entity.
However, BOT lacks a comprehensive money laundering
policies and procedures manual for use by the Bank. There
are some policies and procedures prescribed in different
departmental manuals, further, the bank has no
comprehensive guidelines in place covering all of the
relevant areas of the Bank including directorate of banking,
foreign department, Bank branches, staff, Government
deposits monitoring and other deposits monitoring.
This implies that, in the absence of an integrated internal
Bank’s Anti Money Laundering policies cutting across
directorates and departments, there are risks of the bank
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