Ethiopia’s Anti-Money Laundering and Countering the Financing of Terrorism Council has officially launched its operation. Although Ethiopia has made substantial improvements in its legal framework and in financial institution compliance, designated nonfinancial businesses and professions remain an area of money laundering and terrorism financing vulnerability, particularly because.
Ethiopia is a hub for cross-border trade in East Africa and the Greater Horn of Africa
Announcing the official operation of the council on Thursday, Minister of Peace Muferait Kamil said the country is becoming more vulnerable to money laundering and terrorism financing activities.
The Council is composed of members represented from Foreign Affairs, Finance, Revenues, Mines and Energy, Urban Development and Construction, Trade and Industry as well as Transport ministries.
The Council’s members are drawn from the National Bank of Ethiopia (NBE), Federal Police, National Intelligence Security Service (NISS), Federal Ethics and Anti-Corruption Commission (FEACC) and other institutions
According to the Council’s assessment, works undertaken during the past six months to prevent money laundering and financing of terrorism were encouraging.
The federal police under the new administration led by Abiy Ahmed has seized millions of different foreign currencies and firearms while smuggled out of and into the country.