Financial Crime World

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Beneficial Ownership Data Disclosure and Data Protection Laws in Ethiopia

Part 1: Beneficial Ownership Data Disclosure

The Financial Action Task Force (FATF) recommends collecting beneficial ownership (BO) information from various sources, including public registries. However, some sectors are opposed to making BO information public due to concerns about privacy and potential risks of victimization.

Key Sources for Collecting BO Information:

  • Public registries

Position on Public Registers:

  • The FATF does not advocate for public BO registers, but rather suggests using them as one of several indicators.

Part 2: Data Protection Laws in Ethiopia

Ethiopia has multiple laws related to data protection, including the:

  • 1995 FDRE Constitution
  • 1960 Civil Code

Key Provisions:

  • Regulate access to personal information, including financial transactions.
  • Require public agencies to reject requests for access to records that relate to third parties.

Professional Obligations and Consequences:

  • Professionals, such as advocates and lawyers, are punishable by law if they disclose secrets obtained in their professional duties.

Key Takeaways

  1. Regulation of BO Information: Ethiopia’s data protection laws regulate the collection and disclosure of beneficial ownership information.
  2. Restrictions on Disclosure: Financial institutions are restricted from disclosing BO information unless authorized or ordered by a court.
  3. Challenges for Law Enforcement: Law enforcement agencies may face challenges when seeking BO information for investigative purposes due to the complexity of these regulations.