Tanzania, Switzerland Signs MoU To Uncover Hidden Wealth In Swiss Banks

April 16, 2023 10:50 am3 commentsViews: 362

Tanzania and Switzerland have signed a memorandum of understanding under which the Swiss government will help the East African country in recovering money parked illegally in its banks by Tanzanian nationals.


The Tanzanian foreign minister Augustine Mahiga said an agreement has been signed by the two countries on several areas of cooperation including sharing intelligence on economic crime.

It is believed many Tanzanian nationals including government officials have bank accounts in Switzerland and for long the opposition lawmakers have criticized the government for not taking any action against the accused for hiding wealth abroad.

The country’s central bank governor Benno Ndulu said Switzerland will help the government is recovering some money that has been lost through corruption for years.

Tanzania’s new President John Magufuli was elected last year in October and vowed to be cracking hard on corruption. In the past one year he has taken several steps in the mission including cracking down on wasteful government spending and also official corruption.

Meanwhile, India too has lately taken a bold and unimaginable step to fight corruption. President Narendra Modi announced today ban on the bigger denomination currency notes with immediate effect. The move has been appreciated widely in the country and also from Indians living abroad citing existing fake currency notes would not spoil the economy.

Share your views and ideas how governments could crack down on hidden wealth and what more to be done to prevent the country’s economy. Use the below given comment box.


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