Tanzania has stepped up efforts to curb money laundering in the mining sector, with three key institutions joining forces to strengthen financial oversight and protect the country’s international reputation.
The Mining Commission, the Bank of Tanzania (BoT), and the Financial Intelligence Unit (FIU) held a joint meeting in Dodoma to review challenges and develop strategies to prevent illicit financial flows in mineral transactions.
Speaking at the session, Annasia Kwayu, Acting Director of Mineral Audit and Trade at the Mining Commission, said the collaboration would enhance transparency and efficiency across the mineral trade chain.
She stressed that fighting money laundering is central to safeguarding Tanzania’s credibility and boosting the mining sector’s contribution to economic growth.
“We are committed to working closely with BoT and FIU to ensure that the mining sector remains transparent and free from illicit financial activities. This will not only protect the country’s reputation but also strengthen its position in the global market,” Ms. Kwayu said.
BoT’s Dr. Anna Lyimo noted that the central bank has a responsibility to safeguard monetary stability and is closely monitoring transactions linked to gold purchases, including the government’s mandatory 20 percent acquisition scheme.
“Our priority is to seal any loopholes that could be used for money laundering and to ensure the Tanzanian shilling remains stable. We are fully prepared to work with the Mining Commission to uphold financial integrity and support the country’s economic agenda,” she said.
FIU Commissioner Majaba Magana called on the Mining Commission to strengthen compliance frameworks and align them with international standards.
He pledged FIU’s continued support through technical guidance and stakeholder education.
“Tanzania must ensure that every actor in the mineral sector plays their role responsibly. We are committed to working together to build systems that enhance accountability and transparency,” he said.
The joint initiative comes at a time when Tanzania is positioning itself as a trusted global supplier of minerals.
Analysts say the move signals the government’s commitment to balancing resource wealth with strong governance, a combination seen as key to attracting long-term investment.