Center blames in part management gaps in banks, public institutions for financial crimes


The Ethiopian Financial Intelligence Center (EFIC) said the management gaps in banks and public services providing institutions are causing financial crimes, including illicit financial flows from the country.
The center revealed that Ethiopia is working in collaboration with the 146 member countries of Financial Intelligence Center to recover the money it has been losing illegally.
Financial Crimes Senior Analyst at Ethiopian Financial Intelligence Center, Yonas Mamo partly blamed banks and public services providing institutions for contributing to the financial crimes.
Explaining an instance of money laundering practiced by some, the analyst said “the illegal operators send their relatives to neighboring countries and make them enter the trade system. There they open not only businesses but bank accounts. In that account would be saved money smuggled out of Ethiopia. After some time the person will return to the country as an investor with legal money.”