Africa-Press – Ethiopia. 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.
Speaking at the gathering, the director-general noted that Ethiopia is working closely with ESAAMLG and other stakeholders to strengthen financial institutions and prevent illicit financial flow, including terrorist financing.
The ongoing meetings demonstrate Ethiopia’s commitment to building strong financial safeguards, he added.
According to him, decisions passed the meeting will enable a coordinated regional response that goes beyond national institutions.
Financial Action Task Force (FATF) Deputy Secretary-General, Ashish Kumar, underscored the seriousness of money laundering and terrorist financing, calling them crimes that fundamentally weaken the financial capacity of nations.
He revealed that Africa loses up to 90 billion USD annually to money laundering, equivalent to 3.7 percent of the continent’s GDP.
Kumar also stressed that combating financial crimes requires more than apprehending offenders.
It is necessary to ensure sustainable development, uphold the rule of law, compensate victims, build credible institutions, protect citizens, and create a safe environment for investment, he said.
To achieve this, making the ESAAMLG Task Force inclusive, fast and trans-boundary, secure as well as research-driven is necessary.
Strengthening institutional capacity would also allow Africa’s voice to be heard more clearly in international financial forums.
The director-general concluded by affirming FATF’s commitment to working with ESAAMLG member states to enhance the region’s collective ability to prevent money laundering and terrorist financing.
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