In its 88th regular meeting, the Council thoroughly discussed on the new bill on Friday and referred the bill to parliament after making some amendments, according to the office’s statement to ENA.

According to the new bill, money laundering refers to making money or property illegally while hiding, changing or destroying the real source(s) of the money or property. Illegal sources of money or property included, among others, illicit drug and arms trafficking, tax evasion, human trafficking, gambling, contraband, and corruption.

Such criminal acts impede ensuring a stable, transparent, healthy, and efficient financial system in a given country besides threatening the peace and security of that country.

The statement said enactment of such a bill is both essential and timely since Ethiopia remains partner in the global efforts geared toward prevention and control of money laundering and sponsoring terrorist acts.

Trans-4:49-5:32 pm

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