Important Step Builds on Eritrea’s Growing Body of Work in
Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)
The United States is encouraged to learn that on September 6 the Council of Ministers of the Eastern and Southern Anti-Money Laundering Group (ESAAMLG) responded to a request from Government of the State of Eritrea by admitting Eritrea as an Observer state in the group – a Financial Action Task Force (FATF) style regional body – as the first step in the process of admitting Eritrea as a full ESAAMLG member. This action builds on a number of steps that Eritrea has taken to update and strengthen its law, policies and procedures related to AML/CFT. ESAAMLG admission and the membership accession procedures to follow are valuable components to demonstrating a robust and effective regulatory regime against global money laundering and terrorist financing threats.
The United States welcomes Eritrea’s continuing positive steps in AML/CFT, as well our strengthened bilateral partnership in this area following the June 5-6, 2019 visit to Asmara of a U.S. Treasury Department delegation, which included an AML/CFT policy specialist.
Eritrea’s key laws and regulations pertaining to anti-money laundering/countering the financing of terrorism (AML/CFT) can be accessed at the website of the national Housing and Commerce Bank of Eritrea at https://erhcb.com/amlcft.htm. U.S. financial institutions interested in learning more about the Eritrean banking system or AML/CFT policies and practices may forward questions to the U.S. Embassy in Asmara at AsmaraWebMaster@state.gov.