We need serious documentation for transaction control

THE notary public activity, which has legal and economic implications in any nation, is a very important service to be delivered.

Countries such as Ethiopia have seen their governments monopolising the role to the extent of having a specialised agency under the AttorneyGeneral.

Such agencies have different tasks.

Most of them have serious implications on the economic, social and legal transactions of the societies.

The agencies have numerous notarial activities that include but not limited to authenticating and registering documents; verifying copies of documents against their originals and registering same; administering an oath and receiving affidavits and registering same; keeping custody of specimen of signature and drawing up model documents.

In addition, the agencies also ascertain the capacity, right and authority of persons who are about to sign or who have signed documents submitted for authentication as well as determine the legality of documents submitted for authentication.

In an effort to minimise possible money-laundering activities, all business transactions that pass through bank transfers and physical cash transactions should be scutinised, but first the papers of the people doing those transactions.

Furthermore, as a capacitybuilding, the agencies should widen the verification process in an effort to manage the security of the business transaction.

Despite us promoting the digital transformation process, it still needs strong and dedicated employees who will minimise shady online deals and stop creating fake bank balances, which have a bearing on exchange rates and business transactions in general.

The foreign direct investment that we are looking for demands this type of effective and efficient agencies.