Regulatory Alerts1992-01-01
Foreign Exchange Act, 1992
Enacted by the Tanzanian Parliament, this Act vests foreign exchange administration in the Bank of Tanzania and empowers its Governor to regulate all dealings in specified foreign currency, gold, and securities. It authorizes licensed dealers and Bureaux de Change to facilitate transactions, permits residents and non-residents to hold foreign currency and maintain dedicated accounts, and restricts unauthorized exports or imports of legal tender notes, coins, and gold. The legislation establishes comprehensive offenses and penalties for contraventions, including substantial fines, imprisonment, property forfeiture, and corporate director liability, while granting the Governor authority to compound offenses and mandating Director of Public Prosecutions consent for legal proceedings.