Ethiopia’s Financial Regulators Score Improved Marks on Anti-Money Laundering, Combating Financing of Terrorism Efforts

Significant Progress Made in Combating Money Laundering and Terrorist Financing

According to the Financial Action Task Force (FATF), Ethiopia has made substantial progress in meeting international standards for combating money laundering and terrorist financing. The country has been upgraded from Partially Compliant to Largely Compliant with Recommendation 7, which pertains to its Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regime.

Commitment to Implementing the Money Laundering and Terrorist Financing Risk Assessment and National Action Plan

The revised assessment is a result of Ethiopia’s commitment to implementing its Money Laundering and Terrorist Financing Risk Assessment and National Action Plan (MER). The MER was adopted several years ago with the aim of strengthening the country’s AML/CFT framework. It appears that significant strides have been made towards achieving this goal.

What This Means for Ethiopia

• Ethiopia will continue to be subject to enhanced follow-up by the FATF
• The country will be required to submit biannual reports on its efforts to further improve and implement its AML/CFT measures
• Financial regulators are expected to maintain momentum in addressing any remaining weaknesses and ensuring that the AML/CFT regime is fully effective

Positive Impact on Global Reputation

The upgraded assessment is a testament to Ethiopia’s commitment to upholding international standards for combating money laundering and terrorist financing. This development is likely to have a positive impact on the country’s global reputation as a responsible financial jurisdiction.

Overall, this significant progress demonstrates Ethiopia’s dedication to implementing effective measures against money laundering and terrorist financing.