Financial Crime World

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Eritrea: What is Money Laundering?

In a move aimed at bolstering its efforts in combating financial crimes, the Government of Eritrea has partnered with the United Nations Office on Drugs and Crime (UNODC) to tackle money laundering in the country. The partnership, formalized in July 2019, seeks to assist Eritrea in achieving its sustainable development agenda.

Objectives of the Partnership

The joint program aims to:

  • Reduce crime and victimization in Eritrea
  • Promote the rule of law and protect human rights
  • Combat transnational organized crime
  • Enhance the gender-sensitivity and inclusivity of the justice sector and law enforcement agencies

United Nations Office on Drugs and Crime (UNODC) Regional Programme

The UNODC’s Regional Programme in Eastern Africa, running from 2016 to 2021, will provide technical assistance to:

  • Strengthen the administration of justice
  • Combat transnational organized crime
  • Promote crime prevention and criminal justice
  • Enhance the capacity of law enforcement agencies, prosecutors, and judges to investigate and prosecute financial crimes

Eritrea’s Role in Combating Money Laundering

Eritrea is a key player in the region’s efforts to combat money laundering and terrorist financing. The country has been working closely with regional and international organizations to strengthen its financial sector and improve its regulatory framework.

Partnership Highlights

The joint program will contribute to the realization of:

  • Pillar 1 Basic Social Services
  • Pillar 3 Public Sector Capacity Development
  • Pillar 4 Inclusive Growth, Food Security, and Sustainable Livelihoods of the SPCF
  • Promoting gender-sensitive and inclusive justice sector reforms

Conclusion

Eritrea’s partnership with UNODC is a significant step towards tackling money laundering and promoting financial stability in the country. The joint program will provide technical assistance to strengthen the administration of justice, combat transnational organized crime, and promote crime prevention and criminal justice. It will also contribute to the realization of SDG 16, which aims to expand access to justice for all and build effective and accountable institutions at all levels.

References

The partnership was highlighted at a side event held during the UN General Assembly in September 2019, which provided an opportunity for stakeholders to discuss the importance of combating financial crimes and strengthening the rule of law.