By: Lalu Etalla
As Ethiopia hosts a crucial continental summit on combating illicit financial flows, a top official has emphasized that public cooperation is the most powerful tool in the fight against money laundering and terrorism financing, declaring that the public is both the "primary victim and the key ally" in this struggle.
Bilen Gizework, Deputy Director General of Ethiopia's Financial Intelligence Service (FIS), made the remarks during the ongoing regional conference, which brings together 21 African nations and numerous international bodies to strengthen the continent's defenses against financial crime.
Ethiopia's Leadership and Progress
Ethiopia was selected to host the high-level gathering due to its significant progress and active role in the regional body. According to Bilen, Ethiopia stands out for its commitment to implementing global standards.
"Ethiopia is an active and engaged member of the regional body," Bilen stated. "We have successfully met 37 out of the 40 global standards, placing us at the forefront among member states. This demonstrates a strong political commitment to tackling these crimes head-on."
He added that Ethiopia is eager to share its experiences in developing robust legal frameworks, including a new asset recovery law, and in building the institutional capacity needed to enforce them.
"The Public is Our Greatest Asset"
A central theme of the official's message was the indispensable role of citizens in identifying and preventing financial crime at its source. He stressed that complex criminal networks are often funded by local-level offenses that the public is best positioned to notice.
"The public is the primary victim of these crimes, so their participation in prevention is a powerful force," Bilen explained. He urged citizens to help by:
Providing information and tips to law enforcement about suspicious activities. Standing with the government to create a united front against criminals.
Being vigilant against predicate crimes like human trafficking, contraband trade, and corruption that fuel larger criminal enterprises.
"These illicit financial flows are not just an economic issue; they are a direct threat to national and regional security, funding conflicts and terrorism," he warned. "Therefore, we must fight them with the highest level of commitment."
A Multi-Faceted Approach to a Complex Problem
The week-long summit is structured to address the issue from all angles. It began with technical meetings for experts and regulators, followed by a dedicated forum for "non-state actors," including banks, capital market authorities, and other private sector entities.
"This is not a fight the government can win alone," Bilen said. "Engaging the private sector is crucial. This year's non-state actor forum is focused on the capital markets, a new and important frontier in this battle."
The summit of 25th Council of Ministers meeting, where high-level policy decisions is on progress to guide the region's collaborative efforts. The goal is to establish stronger cooperation, share intelligence, and create a harmonized and impenetrable front against the sophisticated, borderless nature of modern financial crime.
