WHEREAS, money laundering and the financing of terrorism not only threaten security but also compromise the stability, transparency, soundness, and efficiency of the financial system;

WHEREAS, the effort to combat money laundering and the financing of terrorism is being undertaken internationally, and since Ethiopia is part thereof;

WHEREAS, it has become necessary to have a comprehensive legal framework to prevent and suppress money laundering and the financing of terrorism;

NOW, THEREFORE, in accordance with Article 55(1) of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows: