Ethiopia

New Documents

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

The Ethiopian Financial Intelligence Center and the Ethiopian Accounting and Auditing Board signed a bilateral agreement on combating corruption, money laundering, terrorist financing and other financial crimes.

September 23, 2020

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

The Eastern and Southern Africa Anti-Money Laundering Group published its sixth enhanced follow-up report on Ethiopia, re-rating the country’s anti-money laundering and counterterrorist financing compliance with Financial Action Task Force Recommendations.

October 24, 2019

ESAAMLG Follow-Up Report on Ethiopia Re-Rates Nine Technical Compliance Ratings

November 16, 2018

Somalia’s Prime Minister Pledges to Combat Corruption

April 12, 2017

Ethiopia, European Union Sign Joint Declaration

June 15, 2016

News

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

FATF calls for better supervision of Danish banks, United States delays sanctions on Chinese lenders linked to North Korea, and more, in the midweek roundup.

August 9, 2017

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

Manhattan’s U.S. Attorney’s Office recovered approximately $3 billion in illicit proceeds in 2012, Nepal faces FATF blacklisting due to its failure to criminalize money laundering and terrorist financing, and more, in the midweek roundup.

January 2, 2013

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

July 25, 2012

Weekly Roundup: FinCEN Fines Maine Woman, Report to Detail Ethiopia’s Corruption Losses, and More

December 9, 2011

Weekly Roundup: German-Swiss Tax Agreement Formalized, SEC Launches Whistleblower Program, and More

August 12, 2011

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 : 23 Substantial : 0
Partially Compliant : 5 Moderate : 2
Non-Compliant : 0 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 Oct. 21, 2019.

BASEL i

Rank : 26/149
Score : 3.05/10

TRANSPARENCY INTERNATIONAL i

Rank : 96/180
Score : 37/100

Tax Justice Network i

Rank : N/A
Score : N/A