What do the Regulations say about investment in Securities? Are Foreigners eligible to invest in Government Securities? Requirement for Non-residents to have Securities Settlement Account Conditions for Foreign Credit Accommodation Agreements Issuance of securities in SADC and EAC member countries Maintaining Foreign Banks accounts and outward direct investment by Residents How are Export, Import, and […]
Recently, the Bank of Tanzania has enacted new regulations on corporate governance for banks and financial institutions. The newly imposed regulations, Banking and Financial Institution (Corporate Governance) Regulations, 2021 (“the Corporate Governance Regulations”) were published on 29th October, 2021. The Corporate Governance Regulations set standards for corporate governance and structures of banks and financial institutions. It provides guidance to board of directors, directors and senior management of banks and financial institutions for proper discharge of their responsibilities.
As part of the efforts to developing Tanzania in business and investment, but also as a means of prevention and detection of corruption and money laundering, the Government of the United Republic of Tanzania has adopted the concept of Beneficial Ownership as a mechanism to deal with among other things the issues forementioned. One of the mechanisms so adopted to curb and keep tag on the forementioned matters is imposing a Beneficial Ownership reporting. Beneficial Ownership Reporting is meant to reveal the persons termed as beneficial owners behind companies registered in the United Republic of Tanzania.
The Microfinance Act No. 10 of 2018 (“The Microfinance Act”) requires all microfinance service providers to obtain license to operate as such from the Bank of Tanzania (“BOT”) or any other regulatory body delegated by the BOT to issue such license. This requirement extends to the microfinance service providers who were operating before enactment of the Microfinance Act