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.
