WHEREAS, money laundering and the financing of terrorism as it 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 imperative to legislate special law to have an effective implementation of the provisions of the Criminal Code criminalizing money laundering as an offence;

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