Ethiopia Detains 112 in Major Crackdown on Illegal Forex Operations
The National Intelligence and Security Service (NISS), working alongside the Financial Security Service, Ethiopian Federal Police, regional security agencies, and local communities, targeted organized networks conducting unauthorized foreign exchange transactions that disrupt national economic reforms.
Ethiopian authorities have taken decisive action against illegal foreign currency operations, detaining 112 individuals and freezing 519 associated bank accounts. The crackdown includes several foreign nationals and the seizure of materials linked to the illicit activities.
The National Intelligence and Security Service (NISS), working alongside the Financial Security Service, Ethiopian Federal Police, regional security agencies, and local communities, targeted organized networks conducting unauthorized foreign exchange transactions that disrupt national economic reforms.
Those affected include operators of unlicensed international money transfer services, users of unauthorized foreign currency and cryptocurrency platforms, hawala brokers, and certain importers and exporters accused of manipulating trade for personal gain. Additionally, company owners allegedly transferring funds abroad via unauthorized domestic platforms were detained, and measures were taken against entities distributing foreign currency through unlicensed cryptocurrency applications.
This action is part of an ongoing effort to curb financial practices that threaten economic stability and national security. It follows similar measures taken two months ago by the Financial Intelligence Service (FIS), which froze the accounts of 123 individuals involved in parallel foreign exchange markets operating outside Ethiopia’s formal banking system.
