Ethiopia's measures to combat money laundering and terrorist financing

Publication details

Language

English

Country

Ethiopia

The World Bank and the  (ESAAMLG) completed their joint assessment of Ethiopia’s anti-money laundering and counter-terrorist financing (AML/CFT) system. The assessment is a comprehensive review of the effectiveness of Ethiopia's AML/CFT system and its level of compliance with the FATF Recommendations. 

The report was formally adopted by ESAAMLG on 5 June 2015.  The findings of this assessment have also been reviewed and endorsed by the FATF. 

Ethiopia’s AML/CFT efforts are recent, but its legal AML/CFT framework is generally solid. The report presents the key findings of the assessment team and the priority actions for Ethiopia to improve its AML/CFT system.

World Bank - ESAAMLG Mutual Evaluation Report of Ethiopia

Filename
WB-ESAAMLG-Mutual-Evaluation-Report-Ethiopia-2015.pdf
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1 MB
Format
application/pdf
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Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Ethiopia Mutual Evaluation 2015

R.1 - Assessing risk & applying risk-based approach
NC
R.2 - National cooperation and coordination
PC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
NC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
PC
R.15 - New technologies
LC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
PC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
PC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
LC
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
PC
R.33 - Statistics
PC
R.34 - Guidance and feedback
PC
R.35- Sanctions
LC
R.36 - International instruments
PC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
NC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ethiopia Mutual Evaluation 2015

IO1
LE
IO2
ME
IO3
LE
IO4
LE
IO5
ME
IO6
LE
IO7
LE
IO8
LE
IO9
LE
IO10
LE
IO11
LE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

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