Highlights
The Bank of Tanzania took over the operations of CCB on November 19, 2020, quoting the failure of the Chinese bank to meet regulatory requirements
The actual reason for this take over was the unexplainable discrepancy in the CCB’s accounts, found during an audit conducted by the BoT
The Bank had shown cash of Tanzanian Shilling 20bn and Chinese Yuan 2 mn in their possession on papers, whereas actually, they were having cash of Tanzanian Shilling 250 billion and Chinese Yuan 20 million.
New Delhi: Chinese involvement in money laundering has been growing lately, with an apparent shift in its money laundering schemes to underdeveloped inland regions. At least 8 Chinese companies, working on various development projects in Tanzania, were found involved in money laundering activities by the Tanzanian authorities.