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Ethiopia Secures Upgrade in Financial Action Task Force Compliance Ranking

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Addis Ababa, Ethiopia - A Major Achievement for the East African Nation

In a significant development, Ethiopia’s efforts to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) measures have earned it an upgrade in its technical compliance with the Financial Action Task Force (FATF) Recommendations.

Revised Compliance Ranking

According to officials familiar with the matter, Recommendation 7 has been revised from Partially Compliant to Largely Compliant. This major achievement reflects Ethiopia’s commitment to improving its financial regulatory framework and enhancing transparency in its financial system.

Enhanced Follow-up by FATF

Despite this progress, Ethiopia will continue to be placed under enhanced follow-up by the FATF. As a result, the country will need to submit regular reports on its efforts to strengthen its AML/CFT measures. The government is required to report biannually to the Eastern and Southern Africa Anti-Money Laundering Group (ESSAMLG) on its progress in this area.

Positive Impact on International Reputation

The upgrade in Ethiopia’s FATF compliance ranking is expected to have a positive impact on the country’s international reputation. This could potentially attract more foreign investment and economic growth, which will further strengthen the country’s financial stability and security.

Conclusion

This development reflects the government’s commitment to implementing effective measures to prevent money laundering and terrorism financing. It demonstrates Ethiopia’s dedication to maintaining financial stability and security, and we can expect to see continued progress in this area in the future.