Tanzania's foreign minister says the country has signed a memorandum of understanding with Switzerland to help the East African country recover money illegally kept in Swiss banks by Tanzanian nationals.

Augustine Mahiga said Monday the agreement "has a number of areas of cooperation, which include sharing intelligence on economic crime."

Many Tanzanian officials and businesspeople are believed to have bank accounts in Switzerland, and opposition lawmakers here have long criticized authorities for not taking action against officials accused of hiding their wealth abroad.

Benno Ndulu, the central bank governor, said the agreement with Switzerland will help recover some of the money lost through corruption.

Since being elected last year, Tanzania's new president has been on a mission to crack down on wasteful government spending as well as official corruption.