Ethiopia Successful in Combating Money Laundering, Terrorist Financing – FIC

Ethiopia has become one of the countries that have succeeded in combating money laundering and the financing of terrorism, according to the country’s Financial Intelligence Centre (FIC).

Director-General of the FIC, Gemechu Woyuma, said: “Ethiopia has gained recognition by international institutions and countries for the preventive activities it has been undertaking against the crime in the past three years. Ethiopia has made numerous key improvements in strengthening the prevention and suppression of money laundering and financing of terrorism as well as collaborating with law enforcement institutions inside and outside of the country.”

The director-general revealed that, as a result of all the efforts made so far, Ethiopia is no more categorized among the countries unable to prevent money laundering and the financing of terrorism.

The centre has also been working on creating awareness among the public about money laundering and financing of terrorism.

Gemechu further stated that efforts are being made to upgrade the capacity of the centre as illicit financial flow and related crimes are becoming more complex, supported by modern technology.

The objectives of the Financial Intelligence Centre are to coordinate the various institutions involved in the fight against money laundering and the financing of terrorism, to organize and analyse the information it receives and to perform other related tasks.

This article first appeared HERE

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.