No More Commercial Transaction Via Foreign Currency In Tanzania.
March 14, 2021

(Foreign currency to be used for very exceptional circumstances e.g for prices which target tourists).

The Minister for Finance and Planning Hon. Dr. Philip Isdor Mpango has directed that the new status for using foreign currency in Tanzania should be in force by 1st January, 2018.Those directions include the following ;

1.All Prices in Tanzania be advertised in Tanzania Shilling, these includes house and office rents,educational and medical cost, motor vehicle and electronic.

2.Prices which target Tourists or non-residents may be advertised and paid in foreign currency. These prices include transportation costs, air transport, Visa and hotel costs for foreign tourists. Those who pay via foreign currency should be identified through their Identity cards such as passport and documents relating to incorporation of a company.

3.Exchange rate which will be used for the aforementioned prices should be displayed and they should not exceed the market rate. It should come into your attention that institutions which are vested Power to arrange exchange rate are Banks and Bureau de Change only, this is due to foreign currency market competition.

4.Any Tanzanian resident should not be compelled to effect payment for any service in Tanzania through foreign currency.

Dr. Mpango has directed that state apparatus should effect legal actions for any person Who will contravene the above directions.

Victory Attorneys & Consultants © 2022

Augustine Dominic Shio

Managing Partner

Augustine Dominic Shio is also known as Mr Shio is a highly sought-after and widely recognized criminal law expert with more than 30 years of experience advising and assisting corporations and individuals charged with white-collar crimes.

Overview

Before founding the firm Mr Shio held several positions in the public sector, he served as a Principal State Attorney at the Attorney General’s Chambers, Legal Advisor at the President’s Office (Commission for Enforcement of the Leadership Code), Director of Legal Services and Complaints at the Ministry of Home Affairs and retired as a Deputy Director of Public Prosecutions at the Directorate of the Public Prosecutions.

Mr Shio is a recipient of the Presidential Medal for his distinctive public services and ethics of the highest order. His distinguished aptitude in handling complex criminal cases, particularly money laundering, economic and organized crimes has enabled the firm to handle high profile criminal cases in Tanzania.

Practice Focus

As the firm’s head of the Financial & Organized Crimes Department, Mr Shio represents corporations and individuals in the telecoms, media & ICT, mining, oil & gas and banking sectors in high profile criminal cases. He has advised and prepared legal compliance models and for large scale agribusiness operators, public listed companies and securities dealers and brokers in line with sector-specific laws.

He possesses vast experience in advising multinational corporations on money laundering and tax evasion throughout the life span of their commercial transactions.

Mr Shio has represented clients in major plea bargaining negotiations at the office of the Director of Public Prosecutions. He is renowned for closing some of the best pleas deals in the country on behalf of many locals and expatriates charged with money laundering, economic and organized crimes and cybercrimes. Additionally, Mr Shio consults and assists criminally charged individuals to secure pre-trail and post-trial bail on serious criminal charges.

Education

Mr Shio holds a Bachelor’s Degree (LL.B Hons) from the University of Dar es Salaam, Certificate in Criminal Justice and Treatment of Offenders from the United Nations Institute (Fuchu, Japan). He is a certified criminal law expert in Money Laundering and Terrorism.

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