HomeUncategorizedTanzania's army, central bank raid forex shops in Arusha

Tanzania’s army, central bank raid forex shops in Arusha

Published on

spot_img

Tanzania’s government has deployed the military to deal with yet another economic issue, this time working with the central bank to investigate suspected money laundering in the northern city of Arusha.

The central bank issued a statement on Tuesday saying it had conducted a surprise inspection of foreign exchange bureaus in a crackdown on black market currency trading and money laundering.

“There has been an increase in illegal foreign exchange bureaus and money laundering activities that have been conducted through foreign exchange bureaus,” central bank Governor Forens Luoga said.

The military should only be deployed in special emergencies, such as defence of the constitution and the country’s borders.

The bank said it had suspended issuance of new licenses for foreign exchange bureaus over the past three months to conduct thorough inspections of existing foreign exchange retail bureaus. Tanzania has 110 licensed foreign currency bureaus.

“All those found to be operating illegally will have their licences revoked,” said the governor.

Arusha city is popular with tourists, providing a gateway to the Seregenti national park and Africa’s highest peak Mt Kilimanjaro.

It is also a popular hub for conferences and hosts the headquarters of the regional body, East African Community.

Why the army?

The government spokesperson earlier quoted governor Florens Luoga saying the raids had been conducted together with the military because police were busy guarding national exams.

The National Examination Council of Tanzania is currently conducting examinations for high school students (form four), that will last until November 23.

President John Magufuli recently deployed the army to deal with a cashew nut crisis, with instructions to collect and store the crops and ensure farmers are paid a fair price.

The president further elaborated that the army was being deployed to defend the nation in its economic war.

The army is also working with the Turkish firm Yapi Merkezi, the firm contracted to construct the standard gauge railway.

The opposition in the country is not as enthusiastic about the deployment of the military on economic assignments.

“The military should only be deployed in special emergencies, such as defence of the constitution and the country’s borders,” Zitto Kabwe, the leader of the opposition ACT-Wazalendo party, said on Twitter.

Latest articles

3 Killed, 2 Injured in 4 Days

Information reaching this media house suggests that in light of the recent deadly shootings in the Newtown community, members of the public have been expressing their views that 'hot spot' police patrol is necessary.

Workers’ Union Launches Online Campaign Ahead of Labour Day

In anticipation of Labour Day, the St. Kitts-Nevis Trades and Labour Union (SKNT&LU), has launched its 'Workers Matter First'  online campaign, aimed at amplifying the voices of workers and fostering a culture of advocacy and solidarity.

Emergency Cabinet Meeting Addresses Recent Surge in Violent Crime

In response to the recent surge in violent crime incidents within our Federation, an emergency Cabinet meeting was convened today, April 18, to address the situation. The meeting, chaired by the Honourable Dr. Geoffrey Hanley, Deputy Prime Minister, was held to assess the current state of affairs and to strategise on measures to ensure the safety and security of our citizens.

C. F. Bryant College to Boost Recruitment of Women in Non-Traditional Courses

The Clarence Fitzroy Bryant College (CFBC) in St. Kitts is poised to step up recruitment initiatives to get more women involved in technical and vocational fields traditionally dominated by men.

More like this

3 Killed, 2 Injured in 4 Days

Information reaching this media house suggests that in light of the recent deadly shootings in the Newtown community, members of the public have been expressing their views that 'hot spot' police patrol is necessary.

Workers’ Union Launches Online Campaign Ahead of Labour Day

In anticipation of Labour Day, the St. Kitts-Nevis Trades and Labour Union (SKNT&LU), has launched its 'Workers Matter First'  online campaign, aimed at amplifying the voices of workers and fostering a culture of advocacy and solidarity.

Emergency Cabinet Meeting Addresses Recent Surge in Violent Crime

In response to the recent surge in violent crime incidents within our Federation, an emergency Cabinet meeting was convened today, April 18, to address the situation. The meeting, chaired by the Honourable Dr. Geoffrey Hanley, Deputy Prime Minister, was held to assess the current state of affairs and to strategise on measures to ensure the safety and security of our citizens.