Ethiopia No Longer Subject to FATF’s Monitoring Process, Says Minister

Addis Ababa  October 22 /2019 Ethiopia is no longer subject to the FATF’s (Financial Action Task Force) monitoring process under its ongoing global Anti-Money Laundering/Combating the Financing of Terrorism compliance process, Peace Minister Muferiat Kamil said.

According to her, this is because Ethiopia has strengthened the effectiveness of its AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in February 2017.

Briefing journalists today, Peace Minister Muferiat Kemal said this is a good recognition for the political will and commitment in putting legal system which is helpful to handle cases related with money laundering and illicit financial flow.

“Ethiopia's being no longer subject to monitoring to Financial Action Task Force (FATF) decreases the risks that foreign investors usually associate and ultimately lure FDI,” she noted.

FATF as part of its ongoing review of compliance with the AML/CFT standards, the task force identifies the following jurisdictions that have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.

According to her, international financial institutions can ease cash transactions through correspondence banking system following this development.

Above all, Ethiopia’s improvement will build the country’s image in regard to implementing modernized systems.