ETHIOPIA MAKES PROGRESS IN COMPLIANCE WITH FINANCIAL ACTION TASK FORCE (FATF) RECOMMENDATIONS

Ethiopia Achieves Significant Progress in Combating Financial Crime

Addis Ababa, Ethiopia - In a notable development, Ethiopia has made substantial progress in addressing deficiencies in technical compliance with Financial Action Task Force (FATF) recommendations. This positive assessment has led to a re-evaluation of its rating.

Key Developments

• Recommendation 34, initially rated as Partially Compliant, has been upgraded to Largely Compliant.
• The upgrade reflects Ethiopia’s efforts in combating money laundering and terrorist financing.
• However, Recommendation 15, previously rated as Largely Compliant during Ethiopia’s Mutual Evaluation in 2015, has been downgraded to Partially Compliant.

Continued Commitment to Improving Compliance

Ethiopia remains committed to improving its compliance with FATF recommendations. The country will continue to work closely with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) to strengthen its AML/CFT framework. As part of its enhanced follow-up program, Ethiopia will provide regular updates on its progress to the ESAAMLG two months prior to each Task Force meeting.

Next Steps

• Regular updates on Ethiopia’s progress will be provided to the ESAAMLG.
• The country will continue to work with ESAAMLG to strengthen its AML/CFT framework.

Conclusion

The upgrade in Recommendation 34’s rating is a testament to Ethiopia’s dedication to improving its compliance with international standards for combating financial crime. While there is still work to be done, this positive development marks an important step forward for the country in its efforts to enhance transparency and integrity in its financial systems.