Tanzania has started to implement its anti-money laundering laws, which require all travellers to declare cash of at least Sh1 million ($10,000) at its ports and borders.
The State, which previously had no restriction on physical transportation of currencies, now says traders and travellers entering its territory will henceforth fill forms explaining and declaring the source of any funds from Sh1 million and above to border customs.
“This is to inform the general public that, Tanzania Revenue Authority (TRA) is implementing the Anti-Money Laundering Act, Cap 423 and the Anti-Money Laundering (Cross-Border Declaration of Currency and Bearer Negotiable Instruments) Regulations, 2016,” the country’s customs and border control department said in a notice published on its website.
It joins Kenya which has also been implementing a similar law that requires travellers to declare amount of Sh1 million and above.
“Pursuant to the powers granted, Tanzania Revenue Authority hereby informs the general public that with effect from 1st October, 2017, any physical transportation of currency and bearer negotiable instruments equal to or above the prescribed amount shall be declared by filling declaration forms issued by Customs Officers at entry or exit points,” said the TRA.
Those who flout the rule by failing to declare cash in their possession are liable to fines as per the law.
“Through the law, the TRA is mandated to administer cross border declaration of currency and bearer negotiable instruments,” said the government in a notice.
“This is in respect of cross border physical transportation of currency or bearer negotiable instruments equal to or above $10,000 or its equivalent in Tanzanian shillings or any foreign currency.” For instance, Kenyan residents may import up to Sh500,000 to cover expenses upon re-entry into Kenya.
However foreign currencies exceeding $10,000 (about Sh1 million) must be declared. On the other hand non-residents entering Kenya may import local and foreign currencies without restrictions, but amounts exceeding $10,000 must be declared at border entries.
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