CLYDE & CO UPDATER - CHANGES TO TANZANIA’S FOREIGN EXCHANGE (BUREAU DE CHANGE) REGULATIONS

In this briefing, we outline the key changes in the Foreign Exchange (Bureau De Change) Regulations, which came into force on 7 June 2019 and revoked the 2015 Foreign Exchange (Bureau De Change) Regulations. All bureaux de change licensed by the Bank of Tanzania (BOT) to operate in Tanzania Mainland and Zanzibar will be required to comply with the Regulations.

Changes in the Foreign Exchange (Bureau De Change) Regulations, Government Notice No. 450 of 2019 (the Regulations) came into force on 7 June 2019. The Regulations have been made under section 5(a) and 7(1) of the Foreign Exchange Act, 1992 (the Act) and shall apply to Tanzania Mainland and Zanzibar.

Highlights of the Foreign Exchange (Bureau De Change) Regulations of 2019

• Application for a licence and the procedure thereof
• Processing of a licence, approval and rejection of an application
• Requirements for processing international money transfers
• Liability for non-compliance with the Regulations
• Other requirements
• Prohibited acts

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