Ethiopian Banks Urged to Combat Money Laundering, Financial Crimes

Addis Ababa: Ethiopia's Financial Intelligence Service urged banks to intensify their role in endeavors to fight money laundering and financial crimes.Jointly with various stakeholders, the Financial Intelligence Service organized a half-day workshop under the theme of 'the role of banks in preventing money laundering and other financial crimes.'In his remarks at the workshop, Financial Intelligence Service Director-General Muluken Amara stressed the need for enhancing role of banks to prevent money laundering, illicit financial flows and other financial crimes.Recall that Ethiopia has already embarked on full implementation of macroeconomic reform policy.The newly macroeconomic reform policy is anticipated to address the country's long-standing economic distortion by introducing a competitive, market-based determination of the exchange rate.According to the director-general, this reform would lend the opportunity for Ethiopia to make substantial progress in strengthening its anti-money laundering a nd countering the financing of terrorism regime.Muluken added the macroeconomic policy reform is aimed at creating financial stability of foreign exchange and ensuring sustainable growth.However, the director-general stressed the need for fighting financial crimes, which are increasing at alarming rate in Ethiopia as well as all over the world.He noted that reform policy will bear fruit as long as financial crimes and illegal activities are prevented.To this effect, Muluken said the role of the banking sector should be strengthened and sufficient in curbing illegal financial activities.He further explained conducting discussion with pertinent stakeholders on money laundering and financial crimes is pivotal to have a common understanding and set directions for solutions.The director-general reiterated that the service will continue its efforts to combat money laundering in the collaboration of stakeholders.Source: Ethiopian News Agency