Addis Ababa, August 29, 2025 (FMC) — Ethiopia reaffirmed its firm commitment to combating money laundering, the laundering of proceeds of crime, and terrorist financing, Financial Security Service Director-General Muluken Amare said today.
The remarks were made as Ethiopia hosts the 50th Senior Experts Meeting, the 25th Ministerial Meeting, and the 8th Public-Private Dialogue Forum of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) at the Economic Commission for Africa in Addis Ababa.
Speaking at the gathering, Director-General Muluken emphasized that Ethiopia is actively collaborating with ESAAMLG and other regional partners to strengthen financial institutions, prevent illicit financial flows, and build resilient safeguards across the continent. He noted that the decisions emerging from the meetings would foster a coordinated regional response that transcends national boundaries.
Highlighting the scale of the challenge, Financial Action Task Force (FATF) Deputy Secretary-General Ashish Kumar said money laundering and terrorist financing critically undermine nations’ financial stability. He revealed that Africa loses up to 90 billion USD annually to money laundering, equivalent to 3.7 percent of the continent’s GDP.
Kumar stressed that combating financial crimes extends beyond apprehending offenders. Sustainable development, the rule of law, victim compensation, credible institutions, citizen protection, and a secure investment environment are all integral to an effective response.
He called for an ESAAMLG Task Force that is inclusive, agile, cross-border, secure, and research-driven. Strengthening institutional capacity, Kumar noted, would also amplify Africa’s voice in global financial forums.
Concluding his address, Director-General Muluken affirmed FATF’s commitment to continue working with ESAAMLG member states to enhance the region’s collective ability to prevent money laundering and terrorist financing, ensuring safer financial systems for Africa.