“FIU has no mandate to hold suspects after completion of investigations. There are seven cases so far that have been handed over to law enforcers for action,” he said. 
He said the regulation is going to make it tougher to move terrorist money across borders.

In Tanzania, the Proceeds of Crime Act of 1991 criminalises narcotics-related money laundering. However, the Act does not adequately define money laundering, and it has only been used to prosecute corruption cases.

The law obliges financial institutions to maintain records of financial transactions exceeding $109 (Tsh100,000) for a period of 10 years.

The Bank of Tanzania has issued regulations requiring financial institutions to file suspicious transaction reports, but this requirement is not being enforced, and no mechanism currently exists for receiving and analysing the suspicious transaction.

International standards requires travellers crossing national borders to carry an upper limit of $10,000.