Recently the International Consortium for Investigative Journalists (ICIJ), a US-based watchdog released a report  with data on monies wired to the HSBC Bank in Switzerland (one of the world’s largest banks) including by people associated or connected to Tanzania. About a hundred people wired $ 114 million (equivalent to 205 billion Tanzanian shillings) for year 2006/07.

Based on the report, in the East African region Kenya takes the lead position while Tanzania ranks second followed by Uganda, Burundi and lastly Rwanda. These countries have $559.8m, $114m $89.3m, $30.2m and $2.1m in the HSBC bank account respectively. The maximum amount of money associated with one client connected to Tanzania was $20.8m.

Policy Forum is aware of the fact that our laws do not limit one from opening and running offshore accounts. It is required, however, that before the opening of the account a permit/approval has to be sought from the central Bank of Tanzania (BoT). There are therefore legitimate uses for Swiss bank accounts and trusts. Thus, Policy Forum, does not intend to suggest that the account holders listed in the ICIJ Swiss Leaks have broken the law or otherwise acted improperly.

There have been different reactions to the released data and a great concern expressed by stakeholders is the purpose of using secret bank accounts. The information on the ICIJ website does not provide a link for full downloading of the source files.

There have been cries in Tanzania and other African countries over tax avoidance as well as illicit financial flows which deprive our countries with significant financial resources that would have helped in the provision of social services to our people. To curb these problems and others related to them, transparency is highly important and any information that would lead to helping asset recovery would no doubt benefit many poor nations.
Many Tanzanians are still keen to receive an investigative report on Swiss billions emanated from a private motion tabled by the Kigoma North legislator Zitto Kabwe in November 2012. A special team which was chaired by the former Attorney General Frederick Werema was formed and promised to make the report public but this has not happened until now.

It is in the public interest to have in public the Tanzania-associated clients who hold these accounts. This is particularly important as part of the government’s initiative to advance transparency. Transparency is actually amongst the four pillars of focus in the Tanzania Open Government Partnership Action Plan.  As Attorney General  George Masaju promised that the final report  would be  tabled in the Parliament, Tanzanians  are  looking  forward to  see the implementation of it  and that  corrective measures are taken  based on findings of the  report.
In these times of serious public pessimism, it is vital that key information and especially one that has to do with the interest of the people be provided to the public accurately and timely. If this does not happen then citizens will always believe that those in power are involved in plundering our wealth and hiding it abroad.