Ethiopia’s Financial Intelligence Units has joined Egmont Group, a global financial network that formulates coordinated policies and responses to financial crimes such as money laundering and terrorist financing.
Ethiopia followed Financial Intelligence Units (FIUs) of Uganda, another COMESA Member States in Africa that joined the Egmont Group.
Their admission alongside the Dominican Republic, Palestine, Papua New Guinea and Turkmenistan was a key highlight of the 26th Plenary of the Egmont Group of FIUs held at the Hague, Netherlands.
This brings the membership of the Egmont Group to 164 countries.
The processes leading to the attainment of the standards required for a Financial Intelligence Unit to gain membership to the Egmont Group are long and can take many years.
It therefore requires, among other things that the country has enacted sound laws and legislation as guided by the Financial Action Task Force (FATF).
FAFT is the intergovernmental body that sets standards, develops and promotes policies to combat money laundering and terrorism financing, according to Africa Business Communities.com.
MG/abj/APA