Anti Money- Laundering And Countering The Financing Of Terrorism Regime Practices By The Ethiopian Financial Intelligence Center

The main objective of this study is to assess the implementation and practice of AML/CFT regimernin the case of FIC, and to measure the level of awareness and knowledge about AML/CFT ofrncommercial banks of Ethiopia, the study also evaluates the challenges that banks face whilernpracticing the regime and the benefits get by complying the administration are assessed.rnAML/CFT is a global issue, all regimes in the world are required to cooperate with each other tornapply FATF’s Recommendation’s which are endorsed by UN and criminalize ML/TF, Ethiopia hasrnstarted practicing AML/CFT in its banks and insurances, many progresses are made in the countryrnwithin these few years. Based on the respondents from both FIC and commercial banks have beenrndischarging their responsibilities by implementing and practicing AML/CFT at a moderate level,rnthe finding show that both FIC staffs and risk and compliance department staffs in commercialrnbanks have knowledge and awareness about the AML/CFT regime and they took adequate andrnbasic training concerning of the preventive measurement of money laundering and terroristrnfinancing offence.rnHowever, AML/CFT regime practice revealed that the existence of informal sector and cash basedrneconomy has exacerbating the money laundering offences, further, the finding confirmed thatrnpolitical Exposed Persons, Corruption and implementing Customer Due Diligence (CDD) & KnowrnYour Customer (KYC) are serious challenges for banks. AML/CFT benefits measures confirmedrnthat commercial banks understand the benefits of practicing the regime, the mean score in thisrnregard is very high and above average.rnKey Words: Ant-Money Laundering, Countering the Financing of Terrorism, FinancialrnIntelligence Center

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