Ethiopia Cracks Down on Financial Crime as Definition Takes Shape

The Ethiopian government has taken a significant step towards combating financial malpractice by defining financial crime in its Financial Services and Markets Act 2000.

What is Financial Crime?

Financial crime refers to any illegal activity related to money or financial services, including:

Fraudulent activities
Tax evasion
Financial sanctions
Bribery
Corruption
Money laundering
Data security breaches
Other financial services-related crimes

The definition is intentionally broad and inclusive, covering a wide range of illegal acts that threaten the integrity of Ethiopia’s financial markets.

The Importance of Strengthening Regulations

The move to define financial crime is part of the government’s efforts to strengthen financial regulations and prevent financial institutions from being used for illicit activities. With this new definition in place, authorities can better identify and prosecute individuals and entities engaging in financial crime, ultimately protecting investors and maintaining public trust.

The Role of Regulatory Bodies

As Ethiopia continues to develop its financial sector, it is crucial that regulatory bodies prioritize anti-money laundering measures and other efforts to combat financial malfeasance. By doing so, Ethiopia can ensure a stable and secure financial environment for businesses and citizens alike.

Staying Informed

Discover more about financial crime in Ethiopia by exploring our comprehensive library of resources, including:

Practice notes
Precedents
Q&As

Stay up-to-date with the latest news and developments in the field by reading our regularly updated articles on financial crime.