Financial Intelligence Service Working with International Institutions to Prevent Cross-border Crimes
Efforts are underway to prevent and control cross-border crimes in coordination with international institutions, according to Financial Intelligence Service (FIS).
Financial Intelligence Service Public Relations and Communications Executive Officer, Endale Assefa said the mission of the service requires strong and multiple collaboration.
Therefore, in a bid to prevent financing of terrorism and proliferation of weapons of mass destruction, the FIS is working with international institutions.
In 2015, the Global Financial Action Task Force's report has indicated that there were fundamental flaws.
According to the executive officer, the prevention of crimes that are threats to world peace can be minimized by building strong domestic institutions and working in cooperation with international institutions.
Ethiopia has already enacted relevant laws to prevent the stated criminal acts on par with the standards of Egmont Group of Financial Intelligence Units and the East and Southern Africa Anti-Financial Crimes Task Force, he elaborated.
It has also developed procedures to hold people accountable by conducting thorough investigations.
In order to enhance the implementation of the laws and procedures, the country has become a member of the Egmont Group of Financial Intelligence Units and the East and Southern Africa Anti-Financial Crimes Task Force and is actively involved, Endale pointed out.
He further stated Ethiopia has been able to prevent and control cross-border crimes with the coordination and exchange of information with international institutions.
The Public Relations and Communications Executive Officer disclosed that FIS has transferred 177 cases on illegal money laundering, tax evasion, corruption and similar financial crimes that threaten the existence of the country to law enforcement agencies.
Financial Intelligence Service was established to prevent and control financing of terrorism and use of ill-gotten gains as legitimate money as well as crimes of proliferation of weapons of mass destruction.
Source: Ethiopian News Agency