Financial Intelligence Units (FIUs) of two COMESA Member States, Ethiopia and Uganda have recently joined to the Egmont Group, a global financial network that formulates coordinated policies and responses to financial crimes such as money laundering and terrorist financing.
According to Africa Business Communities.com, their admission alongside the Dominican Republic, Palestine, Papua New Guinea and Turkmenistan was a key highlight of the 26th Plenary of the Egmont Group of FIUs held at the Hague, Netherlands.
The Egmont Group has grown dramatically and the number of member counties has now reached to 164.
The processes leading to the attainment of the standards required for a Financial Intelligence Unit to gain membership to the Egmont Group are long and can take many years.
It therefore requires, among other things that the country has enacted sound laws and legislation as guided by the Financial Action Task Force (FATF), according to Africa Business Communities.com.
FAFT is the intergovernmental body that sets standards, develops and promotes policies to combat money laundering and terrorism financing.
FAFT has so far developed a set of 40 rules to provide measures against money laundering given that the crime is transnational and the success in combating it requires international cooperation, it was learned.