Breakthrough Attorneys has prepared this Article as a guide to businesses and service providers on the current limitations on foreign currency transactions in Tanzania.
REGULATORY AND COMPLIANCE UPDATE: A GUIDE TO INITIAL COMPLIANCE WITH TANZANIA’S DATA PROTECTION ACT
Tanzania launched the Personal Data Protection Commission (PDPC) to enforce the Personal Data Protection Act. Various sectors like telecom, finance, healthcare, and retail are impacted. Schools, NGOs, and religious organizations also need to comply. Businesses that collect customer personal data are likely data controllers and must register with PDPC by October 10th, 2024. You Might […]
INVESTMENT UPDATE: THINGS TO CONSIDER WHEN ACQUIRING A HOTEL BUSINESS IN ZANZIBAR
Investing in Zanzibar is highly commendable and certainly, lucrative. Investments in Zanzibar are channeled mainly through the guiding and regulating arm of Zanzibar Investment Promotion Authority(ZIPA). The likelihood is for the hotel business to be at the seafront,hence ZIPA does not have much land bank for this type of investment and therefore, investors are expected to purchase such lands from other private owners and submit such lands for investment redesignation and land lease certification.
BANKING AND FINANCE LAW UPDATE: RESTATING THE STANDARDS OF GOOD CORPORATE GOVERNANCE PRACTICE FOR BANKS AND FINANCIAL INSTITUTIONS IN TANZANIA UNDER THE BANKING AND FINANCIAL INSTITUTIONS (CORPORATE GOVERNANCE) REGULATIONS 2021.
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.