By Hailegebriel Endeshaw
Staff reporter
ADDIS ABABA – (BORKENA) – National Intelligence and Security Service (NISS) and National Bank of Ethiopia (NBE) said here today that they would take joint actions against actors who are involved in money laundering and illicit foreign exchange.
Ethiopian News Agency Amharic Desk reported today that a comprehensive study, which has been conducted by NISS in the realms of illicit foreign exchange and money laundering, was tabled for discussion in the presence of various stakeholders.
The study, which was presented for participants that included the governor of NBE, president of Commercial Bank of Ethiopia (CBE), officials drawn from different government offices, commissioners and heads of intelligence institutions and other stakeholders, has touched in detail experiences of other countries and the challenges witnessed in the sector.
ENA said that findings of the studies have put forward recommendations and suggestions that enabled us to take actions and indicated a system for possible solutions. The studies have also recommended the possible legal and administrative measures that should be taken ahead, according to ENA.
It was disclosed in the studies that money laundering and illicit foreign exchange would expose the nation to serious problems by weakening the domestic economy, increasing the cost of living and promoting corruption, ENA said.
The studies disclosed that heads and professionals drawn from government and private institutions including foreigners have been involved in the illicit practices. The network extended from foreign countries to the center of the country is said to be supported by brokers, companies and even by the banking system. This has been one of the major key reasons for the inflation and social problems occurring across the nation.
Director General of NISS, Temesgen Tiruneh, said that taking into consideration the fact that money laundering and illicit foreign exchange are national threats, which are challenging the existence of the nation and public interest, his office is working hard by giving closer attention. He called governmental and non-governmental organizations, business communities and the public to collaborate and work in coordination to support efforts geared to solve the challenge from its root.
Temesgen further said that actions would be taken in collaboration with stakeholders against institutions, individuals and [special transactions spots] where the challenges are being witnessed.
Governor of NBE, Mamo Mihiretu said on his part that illicit foreign exchange and money laundering have become stumbling blocks to monitor inflation and manage the foreign incomes properly. He further said that efforts are being bolstered to solve the problem from its bases.
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