ADDIS ABABA – Financial Security and Information Center (FSIC) said it has received permission to seek the return and utilization of money and assets that are illegally trafficked out of the country.
According to a press release the Center sent to the Amharic Daily Addis Zemen, it received the permit as it obtained membership in Egmont Group, which is a united body of 164 Financial Intelligence Units (FIUs) and provides a platform for a secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.
The decision of FSIC membership was made during the 26th Egmont Group Plenary held in the Netherlands on June 26, 2011.
The Center applied for membership of the Group three years ago and it has been licensed and is able to become a member after meeting the criteria, including
in-person evaluation by the sponsor countries.
Egmont Group facilitates the exchange of information between member institutions and assists in the successful implementation of financial information to prevent the financing of terrorism and other related issues, according to the statement.
Following the decision, the center is fully prepared to fulfill its responsibilities, since it has now full rights to demand for the return and utilization of money and assets that are illegally trafficked out of the country.
The Egmont Group began in 1995 as a collection of a small number of national agencies by the Arnsberg Palace in Brussels, Belgium. It is designed to improve interaction among financial intelligence units in the areas of communications, information sharing, and training coordination.
The Ethiopian Herald August 1/2019
BY ESSEYE MENGISTE
