Financial Crime Prevention Policies in Ethiopia Receive Boost

Ethiopia’s efforts to combat financial crime have received a significant boost following the revision of its technical compliance with the Financial Action Task Force (FATF) Recommendations. The country has made substantial progress since adopting its Medium-Term Expenditure Framework (MER), earning praise from FATF and prompting a re-rating of Recommendation 7 from Partially Compliant to Largely Compliant.

Progress Against Money Laundering and Terror Financing

Despite this positive development, Ethiopia will still be subject to enhanced follow-up measures. The country’s authorities must continue working diligently to further improve and implement its anti-money laundering and combating the financing of terrorism (AML/CFT) regime to meet the highest international standards.

What This Means for Ethiopia

• Submission of biannual reports to the Eastern and Southern Africa Anti-Money Laundering Group (ESSAMLG) on progress in strengthening AML/CFT measures
• Continued efforts by authorities to improve and implement AML/CFT measures to meet international standards

By achieving this milestone, Ethiopia has demonstrated its commitment to combating financial crime and preventing money laundering and terror financing. The country’s progress is a testament to the effectiveness of its policies and the importance of continued vigilance in this area.