With funding from the U.S. Department of State, FSVC has been working to strengthen anti-money laundering and combating the financing of terrorism (AML/CFT) efforts across East Africa since 2011. As part of this program, FSVC conducted a workshop in August for foreign exchange (forex) bureaus and money remittance providers (MRPs) in Tanzania to improve their ability to thwart criminal financial activity.
and MRPs are often cited as more vulnerable conduits for money laundering and terrorist finance,
in part due to the large amount of cash involved in their operations.
Working with key regulators in Tanzania, including the central bank and financial intelligence unit, FSVC volunteer experts were able to train more than 50 representatives from forex bureaus and MRPs on how to identify and report suspicious financial activity to the proper authorities. This approach will help block financial channels used by criminal networks, thereby strengthening the front line of defense against money laundering and terrorist finance, and helping to promote greater security and stability in Tanzania.