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National Bank of Ethiopia to put in place system to combat money laundering, terrorism financing

January 5, 2012

Speaking at a relevant discussion Deputy Governor of the NBE Getahun Nana said money laundering and terrorist financing is a crime that includes drug trafficking, people smuggling and money laundering, among others.

The acts of money laundering and terrorist financing would create instability on the national finance and tarnish the image of the country, he said.

To this end, the government of Ethiopia has established Financial Information Center to prevent and control these illegal acts.

The Financial Information Center Deputy Director General Fetilework Gebreegziabher on her part said the center aims to prevent and control money laundering and combat financing terrorism.

The center would assess reports on more than 200,000 birr or more than 10,000 US dollars transaction by individuals and organizations.

Individual and organizations who transact such amount of money does not mean they are suspects of crime, she noted.

As the acts of money laundering and financing terrorism would be done from home to abroad and vice versa, all the banks should take all the necessary cautions, she said.

The deputy director said the prevention work launched in banks would also be continued in other financial institutions.

The center has the responsibility to keep the confidentiality of customers, she noted.

The deputy director said the center would carry out awareness raising work among the public as the acts needed coordinated efforts of all stakeholders.

source – ENA

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One comment on “National Bank of Ethiopia to put in place system to combat money laundering, terrorism financing

  1. Even if this regulation has some how a positive impact in controlling illegal cash follow, is should not forget that it has also a great negative influence on investment of the country.

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