Ethiopian Financial Intelligence Center & Financial Crimes
The Ethiopian Financial Intelligence Center (EFIC) has reported that financial crimes, including illegal financial flows from the country and money laundering, are caused by management gaps in banks and public service providers.
The Ethiopian Financial Intelligence Center Announcements
The center announced that Ethiopia is working in cooperation with the Financial Intelligence Center’s 146 member countries to recover the money that it unlawfully lost.
Yonas Mamo, a senior analyst at the Financial Intelligence Center, partially accused banks in Ethiopia and public service providers of contributing to financial crimes.
The analyst clarified that “illegal operators send their relatives to neighboring countries and make them enter the trade system,” describing an instance of money laundering practiced by others.
They open not only companies there, but bank accounts. In that account, money smuggled out of Ethiopia would have been saved. The individual will return to the nation after some time as an investor with legal money.