Ethiopia

New Documents

Switzerland, Ethiopia Sign Double Taxation Agreement

Switzerland and Ethiopia signed an agreement on the avoidance of double taxation with respect to income tax.

August 2, 2021

ESAAMLG Re-rates Ethiopian Compliance with Two FATF Recommendations

The Eastern and Southern Africa Anti-Money Laundering Group released an eighth enhanced follow-up report and re-rating of Ethiopia’s technical compliance with Financial Action Task Force Recommendations.

June 23, 2021

ESAAMLG Re-Rates Ethiopian Compliance with One FATF Recommendation

January 27, 2021

Ethiopian Financial Intelligence Center Signs Bilateral Agreement to Fight Corruption, Money Laundering

September 23, 2020

ESAAMLG Publishes Sixth Enhanced Follow-Up Report on Ethiopia’s AML/CTF Framework

October 24, 2019

News

Legal Brief: 2021 in Review

In our final installment for 2021, the moneylaundering.com legal team revisits our coverage over the past year.

December 22, 2021

Legal Brief: AML Regional Group Criticizes Slow Progress in Eastern, Southern Africa

In the latest installment of our series, the ACAMS moneylaundering.com legal team covers recent AML/CTF developments in five African nations.

July 15, 2021

Midweek Roundup: Wells Fargo Suspects Increase in Fake Accounts, Regions Financial Corp. Investigated, and More

August 9, 2017

Midweek Roundup: Swiss Freeze Credit Suisse Accounts Held for Mubarak’s Sons, U.N. Targets Congo Rebels, and More

January 2, 2013

Midweek Roundup: Mexico Fines HSBC Affiliate Over $27 Million, OFAC Blacklists Alleged Sinaloa Agents, and More

July 25, 2012

Enforcement Actions

0 Items Found

Key Documents

Ethiopia Enacts Anti-Terrorism Proclamation Law

August 28, 2009

Ethiopia Enacts Prevention and Suppression of Money Laundering and Financing of Terrorism Law

December 16, 2009

National Bank of Ethiopia Issues Customer Due Diligence Directive

March 4, 2010

National Bank of Ethiopia Issues Regulation for International Remittance Services

May 7, 2006

Important Facts

  • The U.S. State Department identifies Ethiopia as a monitored jurisdiction. Ethiopia is not considered a regional financial center primarily because of its unsophisticated financial systems and pervasive government controls. Ethiopia's location in the Horn of Africa makes it vulnerable to money laundering-related activities perpetrated by transnational criminal organizations. Sources of illegal proceeds include corruption, smuggling and trafficking in narcotics, persons, arms and animal products. As the economy grows, law enforcement sources believe bank fraud, electronic/computer crime and money laundering activities will continue to rise. The financial services sector remains closed to foreign investment. Since strict foreign exchange controls limit possession of foreign currency, most of the proceeds of contraband smuggling and other crimes are not laundered through the official banking system. High tariffs encourage customs fraud and trade-related money laundering. Money and value transfer systems, particularly hawala, are widely used.
  • KYC Covered Entities: Banks, foreign exchange bureaus, financial leasing companies, customs and revenue agency, notaries, licensing organizations, auditors, accountants, real estate brokers/agents, precious metal dealers, brokers and investment advisors
  • STR Covered Entities:  Banks, foreign exchange bureaus, financial leasing companies, customs and revenue agency, notaries, licensing organizations, auditors, real estate agents/brokers, precious metal dealers, brokers and investment advisors
  • Enhanced Due Diligence Procedures for PEPs: Foreign: No; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 11 High : 0
Largely Compliant : 24 Substantial : 0
Partially Compliant : 4 Moderate : 2
Non-Compliant : Low : 9
Not-Applicable : 1

No longer a "graylisted" country as of Oct. 18, 2019. Ethiopia's technical compliance was re-rated in follow-up report released on June 17, 2021.

BASEL i

Rank : 97/110
Score : 6/77/10

TRANSPARENCY INTERNATIONAL i

Rank : 94/179
Score : 38/100

Tax Justice Network i

Rank : N/A
Score : N/A