ADDIS ABABA — Ethiopia's Financial Intelligence Service is calling on banks to play a stronger role in combating money laundering and financial crimes, following a focused workshop held to address these issues.

According to Ethiopian News Agency,, Director-General of the Financial Intelligence Service, the workshop underlined the crucial role of banks in preventing financial crimes, particularly in the context of Ethiopia’s new macroeconomic reform policy. This policy, aimed at correcting long-standing economic distortions, includes a market-based exchange rate system which is expected to enhance the country’s ability to fight money laundering and terrorism financing.

The Director-General emphasized the growing challenge of financial crimes both locally and globally, highlighting the pressing need for robust measures to combat these illegal activities. He noted that the effectiveness of the recent macroeconomic reforms would largely depend on the ability to curb financial crimes.

Muluken elaborated on the importance of collaboration with stakeholders in the banking sector to fortify Ethiopia's defenses against illicit financial flows. He stressed that ongoing discussions with relevant parties are crucial for developing a unified strategy and setting clear directives to tackle money laundering and financial crimes effectively.

The Financial Intelligence Service reaffirmed its commitment to continue working closely with all stakeholders to ensure the integrity of Ethiopia’s financial system against such threats.