(MENAFN) The Financial Action Task Force (FATF), the leading global authority on combating money laundering, terrorist financing, and the funding of weapons of mass destruction, has officially removed Tanzania from its grey list of countries under heightened scrutiny. This milestone was confirmed by the Tanzanian Ministry of Finance in a statement released on Sunday.

FATF President Elisa de Anda Madrazo affirmed the decision following the organization’s recent plenary meeting held in Strasbourg, France, from June 10 to 13, the statement detailed.

Tanzania had been placed on the grey list back in October 2022, after FATF identified significant weaknesses in the country's mechanisms for tackling financial crimes, specifically money laundering and the financing of terrorism.

Responding to the development, Finance Minister Mwigulu Nchemba expressed firm dedication to upholding the integrity of Tanzania’s financial systems.

"Tanzania will sustain the progress achieved and continue working with both domestic and international stakeholders to combat money laundering, terrorism financing, and the financing of weapons of mass destruction," Minister Nchemba stated.

He further emphasized the nation’s commitment: "The goal is to maintain Tanzania's reputation for integrity and transparency in financial systems, which are critical for sustainable development and prosperity."

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