Ethiopia's council of ministers have sent a bill that criminalises money laundering to parliament for final approval, it has been reported. According to Addis Fortune, industry experts say endorsement of the bill is long overdue, as it is the first time the country has moved to issue its own laws controlling the movement of money where the origin cannot be clearly identified.
"Such a bill is both essential and timely since Ethiopia remains in partnership in the global efforts geared toward prevention and control of money laundering and sponsoring terrorist acts," a statement from the office of the prime minister claimed.
Money laundering legislation has been in development by Ethiopian authorities since 2004 and pressure from international groups and governments, including that of the United States, has been mounting for a law of this type to be introduced for some time. Earlier this month, Ethiopia In Review reported that a national anti-corruption coalition of stakeholders will
This article is only available in full to Complinet Complete Africa or Middle East Subscribers who are logged in.
Please log in to see if you can view this content.
