Regulatory Alerts2023-04-27
Added · Updated
Prevention and Suppression of Money Laundering and the Financing of Terrorism Proclamation No. 780/2013
Proclamation No. 780/2013 establishes a comprehensive legal framework for Ethiopia to prevent and suppress money laundering and the financing of terrorism. It defines key terms including money laundering, predicate offences, terrorist acts, and politically exposed persons, and imposes obligations on financial institutions and designated non-financial businesses and professions. The Proclamation requires cross-border declaration of currency and bearer negotiable instruments, mandates transparency in correspondent banking relationships, and ensures access to beneficial ownership information for legal persons.