Thursday, February 29, 2024
BusinessTechnological limitation challenges finance intelligence in regions

Technological limitation challenges finance intelligence in regions

Technological limitation at regional offices challenged efforts to introduce the application of a finance intelligence system, announced Mulugeta Temesgen, supervision leader at the Finance Intelligence Centre (FIC).

Lack of awareness on the issue of finance intelligence activities and limitations in using the technology are said to have exacerbated technological limitations in regions.

“Considering the urgency of intelligence to tackle money laundering and improved interest by regional governments to fulfill the technological equipment needed, the FIC is working on providing trainings to officers and security personnel working on money laundering and illicit money transfer,” stated Mulugeta.

Conducting intelligence on finance at a national level is expected to be coordinated from the center. However, stakeholders at regional levels are allowed to engage in such activities after receiving permission from the Center, Mulugeta explained.

The FIC organized a two-week long training session for workers mainly engaged in sectors such as the Offices of Trade, Investment, Police Commission, Forensics, Attorney, Ethics and Anti-Corruption Commissions of Oromia, Afar regions and Addis Ababa City Administration.

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In an effort to combat the risk and create the path which leads to a system free of the risks to financial fraud, it was stated during the training, it is essential to install an orchestrated effort and teamwork from all stakeholders.

According to Mulugeta, money can be generated via various modes of illegal activities such as corruption, financial crimes, drug trafficking, and the likes. He noted that these are regarded as the major contributors to the expansion of money laundry in Ethiopia and globally. 

The training is said to address numerous issues related to financial intelligence that help trainees understand the fundamentals of money laundering and identify key actors.

Mulugeta pointed out that such kinds of trainings are expected to develop an understanding on the process of money laundering, functions, and actors; and gain knowledge on the regulatory framework and how criminals can abuse it. 

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Video from Enat Bank Youtube Channel.


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