The Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024
These Rules may be cited as the Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024.
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These Rules may be cited as the Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024. This section defines several terms used in the Rules. Trustees must collect, keep updated, and retain key trust information, submit particulars to the Administrator General, and may be fined for non-compliance. Trustees must disclose their status to financial institutions and designated non-financial businesses and professions when starting a business relationship or making an occasional transaction, and they must provide trust-beneficial-ownership information on request within three working days. Trustees and other trust managers must give competent authorities timely access to specified trust information.
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Provisions of The Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024
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These Rules may be cited as the Trustees’
AI-assisted research summary: These Rules may be cited as the Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024.
1. These Rules may be cited as the Trustees’ Incorporation (Transparency of Beneficial Ownership) Rules, 2024. Interpretation - 2 Verify source ↗
In these Rules, unless the context otherwise
AI-assisted research summary: This section defines several terms used in the Rules.
2. In these Rules, unless the context otherwise Cap. 318 Cap. 423 Cap. 423 requires- “Act” means the Trustees' Incorporation Act; “basic person or entity information” have the meaning the Anti-Money them under to ascribed Laundering Act; “Designated “competent authorities” has the meaning ascribed to it under the Anti-Money Laundering Act; Businesses Non-Financial and professions” means Casinos, Real Estate Agents, Dealers in Precious Metals and Stones, lawyers, notaries and commissioner for oath, legal professionals and other independent 1 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) accountants; and “law enforcement agencies” has the meaning ascribed to it under the Anti- Money Laundering Act. Obligation of trustees to obtain and keep certain information - 3 Verify source ↗
(1) Ordinary or professional trustees shall
AI-assisted research summary: Trustees must collect, keep updated, and retain key trust information, submit particulars to the Administrator General, and may be fined for non-compliance.
3.-(1) Ordinary or professional trustees shall obtain and hold- (a) adequate, accurate, current information on the identity of the settlor, the trustee, if any, the beneficiaries or class of beneficiaries, and any other natural ultimate exercising effective control over the trust; person and (b) basic person information or basic entity information on other regulated agents of, trust, and including investment advisors or managers, accountants, and tax advisors; and service providers the to, (c) information referred to in subrule (1)(a)(b) for at least five years after their involvement with the trust ceases. (2) The information held pursuant to subrule (1) shall be kept accurate and up to date as possible and be regularly updated. (3) A trustee shall submit to the Administrator General accurate and adequate particulars of the settlor, beneficiaries, and beneficial owners of the trust by using the prescribed Form No. 1A, 1B, and 1C respectively, as set out in the Schedule. (4) A trustee who contravenes the provisions of this rule shall be liable to a fine of not less than one hundred thousand shillings but not exceeding two hundred thousand shillings. Trustees’obligation to disclose information in their possession Cap. 423 - 4 Verify source ↗
(1) Trustees shall disclose their status to
AI-assisted research summary: Trustees must disclose their status to financial institutions and designated non-financial businesses and professions when starting a business relationship or making an occasional transaction, and they must provide trust-beneficial-ownership information on request within three working days.
4.-(1) Trustees shall disclose their status to financial institutions and Designated Non-Financial Businesses and Professions when forming a business relationship or carrying out an occasional transaction and seek to comply with their obligations under the Anti-Money Laundering Act. (2) Trustees shall, upon request and within a 2 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) period of not later than three working days, provide competent authorities and reporting persons with any information its beneficial ownership, and the assets to be held or managed under the terms of the business relationship. relating trust, the to (3) A person who contravenes the provisions of this rule shall be liable to- (a) remedial action as may be directed by the (b) suspension Administrator General; and in contravention. the case of continued Timely access to information on Trust by competent authorities - 5 Verify source ↗
(1) Competent authorities shall be provided
AI-assisted research summary: Trustees and other trust managers must give competent authorities timely access to specified trust information.
5.-(1) Competent authorities shall be provided in a timely manner access to information held by trustees or held by any other person in the management of the trust, including information on- (a) beneficial ownership and control of the trust; (b) the residence of the trustee; and (c) any assets held or managed by the reporting person or any other person, in relation to any trustees with which they have a business relationship, or for which they undertake an occasional transaction. (2) For the purpose of this r ule, the term “in a timely manner” means a period of not later than three business working days from the date of the request. (3) A trustee who contravenes the provisions of this rule shall be liable to a fine of not less than one hundred thousand shillings but not exceeding two hundred thousand shillings. - 6 Verify source ↗
(1) A
AI-assisted research summary: Trustees must not use or disclose specified trust-identity information unless one of the stated exceptions applies. Breach can lead to a fine.
6.-(1) A trustee, whether ordinary or professional, shall not use or disclose any information about the identity of the settlor, the trustee, if any, the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust except in compliance with: (a) communicating with the beneficial owner 3 Non-disclosure of beneficial owner information The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) concerned; (b) a court order; (c) instructions from the respective beneficial owner; or (d) any requirements of the Act, other written law and these Rules. (2) A trustee who contravenes the provisions of this rule shall be liable to a fine of not less than one hundred thousand shillings but not exceeding two hundred thousand shillings. - 7 Verify source ↗
Where any obligation under these Rules is
AI-assisted research summary: Office-bearers and people managing or assisting in the management of a trust are treated as having committed a contravention if an obligation under the Rules is breached, unless they prove due care and diligence and that the failure was beyond their control.
7. Where any obligation under these Rules is contravened, every office-bearer and every person managing or assisting in the management of trust shall be deemed to have committed the contravention unless proof is provided to the satisfaction of the Administrator General that due care and diligence was conducted by a person seeking to be excluded from the liability, and he failed to comply for reasons beyond his control. - 8 Verify source ↗
The Administrator General, an authorised
AI-assisted research summary: The listed officials must not disclose or reuse confidential information obtained under these Rules, including after employment.
8. The Administrator General, an authorised the officer or competent authorities shall have their termination of obligation, even after employment, neither to communicate confidential information obtained in their capacities pursuant to the provisions of these Rules to persons not entitled to receive it, nor to disclose it to the public or make other use of it. the Liability of officer and managers, etc. of trust Non-disclosure of confidential information 4 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) ________ SCHEDULE _________ (Made under rule 3(3)) NAMES OF SETTLORS Form No. 1A
Part
SCHEDULE
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NAME (INSERT FULL NAMES)
AI-assisted research summary: This section is a form asking a person to fill in personal details and sign the submission.
1. NAME (INSERT FULL NAMES) ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. - 2 Verify source ↗
NAME (INSERT FULL NAMES)
AI-assisted research summary: This section is a form asking for a person’s identity, nationality, ID, passport, address, work, contact, and signature details.
2. NAME (INSERT FULL NAMES) ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. 5 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) - 3 Verify source ↗
NAME (INSERT FULL NAMES)
AI-assisted research summary: This form asks for the names and identifying details of beneficiaries, including address, work, contact information, and signature/date.
3. NAME (INSERT FULL NAMES) ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. 6 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) Form No. 1B NAMES OF BENEFICIARIES NAME (INSERT FULL NAMES) - 1 Verify source ↗
Section 1
AI-assisted research summary: This section is a form asking for personal identification, contact, address, work, and signature details.
1. ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. NAME (INSERT FULL NAMES) - 2 Verify source ↗
Section 2
AI-assisted research summary: This section lists personal and employment details to be filled in on a form.
2. ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. NAME (INSERT FULL NAMES) - 3 Verify source ↗
Section 3
AI-assisted research summary: This section is a form asking for beneficial owner particulars and related identifying/contact details.
3. ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… 7 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. 8 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) BENEFICIAL OWNERS PARTICULARS Form No. 1C NAME (INSERT FULL NAMES) - 1 Verify source ↗
Section 1
AI-assisted research summary: This section is a form listing the personal, address, work, political-position, and beneficial-ownership details to be provided, ending with signature and submission date.
1. ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. POLITICAL POST/POSITION HELD……………………………………………………. (attach an affidavit to whether you are political exposed person or not) NATURE OF INTEREST (LEGAL, SECURITY/DEBENTURE/FINANCIAL) GIVING RAISE TO THE BENEFICIAL OWNERSHIP…………………………………. ……………………………………………………………………………………………… DISPOSED PROPERTY ………………………………………………………………….. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE ………………………………………………. - 2 Verify source ↗
NAME (INSERT FULL NAMES)
AI-assisted research summary: This section is a form asking for personal and ownership-related details to be filled in and submitted.
2. NAME (INSERT FULL NAMES) ……………………………………………………………………………………………… DATE AND PLACE OF BIRTH …………………………………………………………. NATIONALITY …………………………………………………………………………... NATIONAL IDENTITY NUMBER ……………………………………………………… PASSPORT NUMBER ……………………………………………………………………. PERMANENT ADDRESS: REGION …………………………………………………………………………………... DISTRICT ………………………………………………………………………………… WARD …………………………………………………………………………………….. STREET …………………………………………………………………………………… RESIDENTIAL OFFICIAL POST CODE ADDRESS …………………………………… RESIDENCE (state whether you are non-resident)….……………………………………. ……………………………………………………………………………………………… PLACE OF WORK ……………………………………………………………………….. POSITION HELD …………………………………………………………………………. POLITICAL POST/POSITION HELD……………………………………………………. (attach an affidavit to whether you are political exposed person or not) NATURE OF INTEREST (LEGAL, SECURITY/DEBENTURE/FINANCIAL) GIVING RAISE TO THE BENEFICIAL OWNERSHIP…………………………………. 9 The Trustees’ Incorporation (Transparency of Beneficial Ownership) GN. NO.139A (Contd.) ……………………………………………………………………………………………… DISPOSED PROPERTY ………………………………………………………………….. TELEPHONE/MOBILE …………………………………………………………………... EMAILS ADDRESS………………………………………………………………………. SIGNATURE AND SUBMISSION DATE Dodoma, 29th February, 2024 PINDI HAZARA CHANA, Minister for Constitutional and Legal Affairs 10
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