Continuing its fight against illicit financial outflows, the government of Ethiopia’s customs authorities on captured a woman who was smuggling $33,250 cash out the country. The Commission has urged the public to collaborating in sharing information on such illicit financial outflows. Ethiopia has been among the top countries whose name has been frequently mentioned in global and continental illicit financial flows and money laundering reports. The report of African Union’s (AU) high level panel on illicit financial flows from Africa ranked Ethiopia 9th from the top 10 African countries with high illicit financial flows from 1970 to 2008 next to Côte d’Ivoire and Sudan. The report indicated that Ethiopia could have lost 16.5 billion dollars due to illicit financial flow from 1970 to 2008, which was 2.3pc of the total illicit financial flows from the continent, which among others includes trade miss-invoicing and smuggling out cash.

Source: News Business Ethiopia December 28, 2018 10:18 UTC