The Central Bank of Tanzania (BOT) has issued a public notice on 12th November, 2019 against the use of Virtual Currencies (Cryptocurrencies) in Tanzania. The Notice cautions the public against trading, marketing and usage of virtual currency because doing so is contrary to existing foreign exchange regulations. According to the notice, the Central Bank insisted...
Effective 01st November, 2019 Microfinance Companies in Tanzania have 12 months to comply to the licensing requirements of the Microfinance Act, Cap. 407. According to Regulation 12 of the Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2019, Microfinance Companies that were operating business before the commencement of the Microfinance Act and fails to meet the...
INTRODUCTION The Rules governing procurement of Electricity Power Projects and Approval of Power Purchase Agreements have been issued in Tanzania. The Rules, titled the Electricity (Procurement of Power Projects and Approval of Power Purchase Agreements) Rules, 2019 (GN No. 453 of 2019) (“the Rules”) were issued effectively June 2019. These new Rules govern the regulatory...
The Central Bank prohibits Operating Payment Systems Instruments Without Approval: On 15th October, 2019 the Central Bank of Tanzania (Bank of Tanzania) issued a Circular No. LB.178/179/01/8 to all Operating Banks and Financial Institutions in Tanzania warning against engaging, partnering or enter into agreements with other entities to operate payment systems instruments without the Central...
The Written Laws (Miscellaneous Amendments) (No. 5) Act, 2019 made amendments to the Firearms and Ammunition Control Act, Cap 223 to control possession of fireworks. The amendments provides that, any person who import, manufacture, sell or otherwise supply fireworks without the approval of the Inspector General of Police (IGP) is guilty of an offence and...
Introduction The Parliament of Tanzania has made amendments to several Criminal Laws in Tanzania, among others to introduce the Plea Bargain. In the recent passed Written Laws (Miscellaneous Amendments) Act (No. 4) 2019 (Act No. 11 of 2019) numerous amendments were made including the Amendment of the Criminal Procedure Act, (Cap. 20), Amendment of the...
The National Arts Council Act, (Cap. 204) was amended by Written Laws (Miscellaneous Amendments) (No. 5) Act 2019 (Act No. 12 of 2019) to widen and recognize broader artistic works such as modeling, pageantries, fashion designs and such related works. Also, playwriting and music composition are also recognized arts through the new amendments. More important,...
The Registrar of Companies has issued 90 days deadline requiring Companies to update their information through the Companies online system. The requirement came into effect on 27th September, 2019 when the notice was published. Among others, the statement has listed the requirements to be complied when updating the information including:- To ensure Companies update information which...
The Written Laws (Miscellaneous Amendments) (No. 4) Act, 2019 has amended the Births and Deaths Registration Act, Cap. 108 to broaden the system of registering births and deaths in Tanzania to allow registration of any birth or death occurring at any place within and outside Tanzania. Before the law was silent on this matter. The...
The Written Laws (Miscellaneous Amendments) (No. 5) Act, 2019 that became effective on 19th September, 2019 made amendments to the Electronic and Postal Communications Act, Cap. 306. The said amendments sought to regulate both subscribers (customers) and service providers, distributors, agent or authorised dealers on the use of unregistered SIM Card whereby, Customers who use...
FIN & LAW and Cross Border Associates (CBA) entered into an agreement for global alliance to facilitate global cross-border mid-market mergers and acquisitions and all related services.
