By TZ Business News Staff.
Nawshad Mohammed Suleiman appears to have used an expired gold export permit, police have told TZ Business News. The Zanzibar Acting Commissioner of Police Juma Yusuf said over the phone investigations were still going on to verify a number of issues but it was likely that the suspect would appear in court on Thursday, December 7, 2017.
“We want to ascertain a number of issues in our investigation before taking court action,” the Acting Commissioner told this website.”But it might be that he was using an expired export permit.”
Nawshad Mohammed Suleiman was arrested at 9.00 PM on Wednesday, November 29, 2017 at Karume International Airport as he prepared to fly out to Dubai Yusuf told reporters. The arrest comes in the wake of a declared economic war in which security organs are ordered on high alert.
Tanzanian businessman Nawshad Mohammed Suleiman was caught by airport security attempting to smuggle out of the country some eight (8) Kilograms of gold and an assortment of foreign currency from the Zanzibar international airport.
The Zanzibar Acting Commissione told reporters the businessman was also found in possession of foreign currency from 15 nations including USD 233,422 and 57,595 Euros.
The Tanzania Minister of Finance and Planning, Dr. Philip Mpango recently published regulations ordering declaration of cash at entry and exit points around the country.
The newly introduced Cross-border Declaration of Currency and Bearer Negotiable Instruments Regulations, force everybody entering or leaving the country to declare hard cash or financial instruments in efforts to stem out capital flight and mitigate financing of terrorism in the country, according to Financial Intelligence Unit (FIU) Commissioner, Mr. Onesmo Makombe.
Tanzania Revenue Authority (TRA) announced “with effect from 1st October, 2017, any physical transportation of currency and bearer negotiable instruments equal to or above the prescribed amount [which is USD10,000] shall be declared by filling declaration forms Issued by Customs Officers at entry or exit points.
Non declaration or false declaration of the prescribed amount is an offence punishable by law.”
The notice signed by Acting Commissioner of Customs and Excise George Mnyitafu said the announcement is published to implement the Anti-Money Laundering Act, Cap 423 and the Anti-Money Laundering (Cross-Border Declaration of Currency and Bearer Negotiable Instruments) Regulations, 2016.
Mr. Onesmo Makombe, the Financial Intelligence Unit (FIU) Commissioner recently said the Crossborder Declaration of Currency and Bearer Negotiable Instruments Regulations will enable the country to obtain important statistics on the movement of hard cash in and outside the country.
“The statistics will enable the country to identify criminal activities, to reduce capital flight and to enable us reduce—if not completely eradicate movement of money which is proceeds of crime, and the money meant to finance terrorism,” Mr. Makombe said, adding that “criminals like to travel with hard cash because they are afraid of using banks which have become quite sophisticated, but also because loopholes exist at entry and exit points.”
Offenders will face penalties which shall include confiscation of cash and criminal charges in the courts of law, he said.
Read Related Stories here: