ADDIS ABABA – Ethiopia has urged the European Commission (EC) to consider removing its name from the list of “high-risk third countries” taking into account corrective measures that have been implemented.
According to a statement on the European Commission’s listing of third countries with weak antimony laundering and terrorist financing regimes by the Prime Minister’s Office yesterday, EC needs to also consider Ethiopia’s proven commitment to combat terrorism and money laundering; and the limitations of the report in the first place. The statement also read, since 2018, Ethiopia’s new administration has been taking important steps to effectively prevent money laundering and terrorist financing.
Reaffirming its commitment to fully address this challenge, the government has introduced sweeping changes to the financial and judicial systems to respond to strategic deficiencies, especially evident due to Ethiopia’s geopolitical position in the Horn. “Ethiopia is vulnerable to bank frauds, cyber-crime and money laundering effectuated by transnational criminals. Therefore, the new administration has been strictly controlling and monitoring informal value transfer networks and operations, and has implemented stringent financial sanctions against perpetrators.”
The statement also stated that the government has also enhanced international cooperation with the European Union and other member state countries in strengthening the competence of relevant authorities such as the Financial Intelligence Center, the Ministry of Finance and Economic Cooperation (MoFEC) and, the Attorney General Office. It is also increasing the reporting of suspicious transactions to relevant international bodies as needed.
“Ethiopia is cognizant of the seriousness of the European Commission report and is committed to fighting against money laundering and terrorism financing on its home front,” the statement said adding “At the same time, Ethiopia would like to challenge the report in its limitation to name jurisdictions that are directly and indirectly playing a role in fostering illegal trends by creating a safe haven for perpetrators.”
Indicating that Africa losses billions due to corruption and money laundering, the PM Office’s statement also noted that investigating and calling out the countries that facilitate the corrupt pathways from Africa and other nations is a very crucial and timely task for the European Commission to undertake.
“Holding all wrongdoers equally accountable not only sets an example for other international institutions but also increases the credibility of the European Commission report.” The government also called upon the European Commission to take the lead in organizing efforts to combat corruption, money laundering, and terrorism financing by taking a stand on unfair practices used by financial institutions globally.
The Ethiopian Herald, March 14/2019
BY ABIY HAILU
