Govt Orders Multinational Companies to Open Local Bank Accounts
In an effort to curb illicit financial transfers, the Tanzanian government has ordered multinational companies in the extractive sector to open local bank accounts where authorities can access their finances. This is in line with the three pieces of legislation passed in parliament in July 2017, that makes significant changes to the legal and institutional frameworks governing oil, gas and mineral extraction.
Tanzania orders multinational companies in the extractive to open local bank accounts immediately.
Citizen, 23 October 2017
President John Magufuli has challenged the Bank of Tanzania (BOT) to effectively apply the Foreign Exchange Act, 1992 so as to ensure that foreign companies which operate in the… Read more »
Tanzania President John Magufuli has previously complained that the country is not benefiting as it should from its resources. In July last year he signed a Mining Act and one of ... Read more »