MWE Correspondent
The Bank of Tanzania (BoT) has intensified public awareness efforts against money laundering, warning citizens that allowing their bank accounts, mobile money wallets or other financial service accounts to be used for unexplained transactions could expose them to criminal investigations and possible prosecution.
The warning comes as financial regulators globally continue strengthening measures to prevent criminals from using legitimate financial systems to hide the origins of illegally obtained funds.
Speaking during a public awareness session at the 50th Dar es Salaam International Trade Fair (Sabasaba), Sheikh Naniya, a Legal Officer from the Legal Affairs and Anti-Money Laundering Department at the Bank of Tanzania, said members of the public must become more cautious about financial requests from unknown individuals.
He said some people unknowingly become involved in illegal activities after allowing their accounts to be used as channels for receiving, transferring or withdrawing money without understanding where the funds came from.
“BoT continues to educate the public through various platforms to raise awareness about the risks associated with money laundering and ways citizens can protect themselves from being unknowingly involved in illegal financial activities,” Naniya said.
Authorities say criminals often search for individuals who can provide access to legitimate accounts in order to move suspicious funds while attempting to hide the true beneficiaries behind the transactions.
In some cases, individuals are promised small payments or benefits in exchange for allowing their accounts to be used.
However, BoT warned that account holders remain responsible for activities conducted through accounts registered in their names, even if they claim they were unaware of the illegal purpose.
Financial experts say criminals increasingly use digital platforms, mobile money services and personal accounts to move funds quickly, making public awareness a critical part of fighting financial crimes.
Beyond bank accounts, BoT also cautioned citizens against allowing their names to be used in registering vehicles, properties or other valuable assets when they do not understand the source of the funds used to acquire them.
Naniya said individuals should avoid becoming “owners on paper” of assets purchased through questionable financial arrangements because such actions may create legal problems in the future.
Authorities explained that criminals sometimes use other people’s names to conceal ownership of assets obtained through illegal activities.
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Tanzania has strengthened its anti-money laundering framework through cooperation between the Bank of Tanzania, the Financial Intelligence Unit (FIU), law enforcement agencies and other regulatory institutions.
The framework requires banks and financial institutions to monitor transactions, identify unusual financial patterns and report suspicious activities to relevant authorities.
Regulators also conduct inspections and issue compliance directives to ensure financial institutions follow national laws and international standards.
BoT says these measures are designed not only to punish offenders but also to protect the stability and reputation of Tanzania’s financial sector.
Money laundering is considered a major global financial crime because it allows proceeds from illegal activities to enter the formal economy.
International organisations such as the Financial Action Task Force (FATF) have repeatedly warned that weak financial controls can make countries vulnerable to corruption, organised crime, terrorism financing and economic damage.
For developing economies, strong anti-money laundering systems are also important for attracting foreign investment and maintaining confidence among international financial partners.
As Tanzania’s digital financial sector continues to grow, with increased use of mobile banking, electronic payments and online transactions, authorities say financial awareness among citizens has become more important than ever.
While digital financial services have improved access to banking and supported economic growth, they have also created new opportunities for criminals to attempt fraudulent transactions.
BoT has urged citizens to verify financial requests, protect their account information and immediately report suspicious activities to authorised institutions.
The central bank emphasized that protecting Tanzania’s financial system is a shared responsibility involving regulators, financial institutions, businesses and ordinary citizens.
Authorities encouraged the public to ask questions before participating in financial transactions they do not understand and to avoid accepting requests that involve unexplained money movements.
BoT said continued public education will remain a key part of Tanzania’s strategy to reduce financial crimes and ensure that the country’s banking and payment systems remain safe, transparent and trusted.
The message from regulators is clear: a bank account is not just a personal financial tool — it is also a legal responsibility, and allowing it to be misused could have serious consequences.
