Addis ababa: Ethiopia is firmly committed to preventing money laundering and the laundering of proceeds of crime, Financial Security Service Director-General Muluken Amare said. The country is currently hosting the 50th Senior Experts Meeting, 25th Ministerial Meeting, and 8th Public-Private Dialogue Forum of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) at the Economic Commission for Africa.
According to Ethiopian News Agency, the director-general highlighted Ethiopia’s efforts to collaborate with ESAAMLG and other stakeholders to bolster financial institutions and curb illicit financial flow, including terrorist financing. The ongoing meetings are a testament to Ethiopia’s dedication to establishing robust financial safeguards. The director-general asserted that the decisions made during the meetings will facilitate a coordinated regional response that extends beyond national institutions.
Financial Action Task Force (FATF) Deputy Secretary-General, Ashish Kumar, emphasized the gravity of money laundering and terrorist financing, describing them as crimes that significantly undermine the financial capacity of nations. He disclosed that Africa loses up to 90 billion USD annually due to money laundering, which is equivalent to 3.7 percent of the continent’s GDP.
Kumar further pointed out that combating financial crimes involves more than just apprehending offenders. It is crucial to ensure sustainable development, uphold the rule of law, compensate victims, build credible institutions, protect citizens, and create a safe environment for investment. Achieving these goals necessitates making the ESAAMLG Task Force inclusive, rapid, trans-boundary, secure, and research-driven.
Strengthening institutional capacity would also empower Africa to have a more pronounced presence in international financial forums. The director-general concluded by reaffirming FATF’s dedication to collaborating with ESAAMLG member states to enhance the region’s collective ability to thwart money laundering and terrorist financing.