Published by By Anwaar M. Katakweba
Money has been the major medium of commodity exchange since the early ages and is still on of the major measurements of an individual’s wealth. But it should be borne in our minds that there exists laws and regulations drawing lines on possession of money.
This Article touches on laws that regulate different situations where individuals possess lumpsum amounts of money indoors, as questions always arise on whether there are restrictions and limitations of the amount of money kept. Further the writeup enlightens on Wildlife specifically of dealing with endangered/species going extinct and how they are categorized under the law.
What do the laws say about cash at home?
The amount of money that an individual can have indoors may not be limited, but when too much, this falls under restriction of several laws when not accounted for, as it raises suspicion on multiple illegal situations and predicate offenses as explained as follows:
· Hoarding under the Economic and organized crimes Act.
This concept simply refers to the act of collecting and accumulating. In Tanzania, Hoarding of Commodities, taking foreign currency as the Commodity in this regards and in general, is an offence as provided under Paragraph 4 of the 1st schedule of the Economic and Organized crimes control act of 1984, read together with section 56(1) of the Act. Paragraph 6 of the schedule further specifies on the offense of Hoarding Money, this Provides that;
A person is guilty of an offense under this paragraph if he is found in possession of Liquid amount of Money which…considering the circumstances of its acquisition, possession and actual, potential or intended use is unnecessary.
Considering its potential or intended use would or is likely to facilitate interference with or disruption of the normal or ordinary circulation of money within the national economy.
This has been further reiterated under Paragraph 3 of the Revised Edition of 2019 read together with section 57(1) as Hoarding of commodities generally.
o Money Laundering under Anti money Laundering Act
As for the side of Money Laundering, this may fall under the category of predicate offences under section 3 of the Anti-Money Laundering Act CAP 423 in the name of Market manipulation as the type of market abuse where there is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a product, security, commodity or currency.
o Tax evasion
The hoarding of the currency/ unnecessary possession of large amounts of currency may also be linked under Tax evasion crimes, as it is taken as a mechanism to evade taxation laws regulating the currency exchange and usage mechanism. Also contrary to section 3 of the Anti-Money Laundering Act CAP 423 as a predicate offence.
o Counterfeiting of currency or Goods
This may be another Money Laundering offence that can be raised from the situation, though requires extra proof, The counterfeiting of money, mostly paper money, is usually condemned aggressively by governments worldwide hence something that might be considered when one is found in procession of large lump sum of currency indoors. Also provided for under section 3 of the Anti-Money Laundering Act CAP 423
Hence, properly accounting for the Money would suffice to remedy the situation, for instance that, the Money has just been recently withdrawn for specific purposes, there is no Bank within the locality that may keep the money without inconveniences or that the Money is not his own and the owner would not himself be guilty of hoarding.