Ethiopia’s Financial Intelligence Service Targets Illegal Foreign Exchange Operations
Overview of the Recent Crackdown
On September 19, 2025, Ethiopia’s Financial Intelligence Service (FIS) announced a significant move in its efforts against illegal foreign exchange (FX) dealings by freezing the bank accounts of 123 suspects. This operation signals a robust investigation into unlawful currency transactions that have been undermining the country’s economic framework.
Key Actions Taken Against Illicit Activities
The FIS has taken these decisive steps predominantly against individuals and entities circumventing legal banking systems to engage in black market currency transactions. This initiative is part of a broader strategy to enhance the monitoring of illegal foreign exchange operations nationwide.
According to the agency, following the implementation of national macroeconomic reforms, there has been a notable increase in legitimate foreign exchange activities among citizens. However, ongoing surveillance indicated that certain groups continue to exploit this environment for their illegal gains.
Investigation Details
The investigation has unveiled potential ties between some banking professionals and these illicit operations. The FIS is currently conducting thorough inquiries to identify and hold accountable all actors involved. Efforts are aligned with Proclamation No. 780/2005, reaffirming the commitment to combating illegal foreign exchange dealings, money laundering, and the financing of terrorism.
Commitment to Economic Integrity
The FIS emphasizes its dedication to maintaining a stable economic landscape by preventing illegal activities that could destabilize the financial system. The agency is working in collaboration with various stakeholders to ensure legal accountability for those engaged in unlawful foreign exchange practices.
Conclusion: A Focus on Legal Transactions
While the FIS acknowledges the positive shift towards legal foreign exchange transactions in Ethiopia, it remains vigilant against those still engaged in illegal activities. The focus is clear: to foster a safer and more regulated economic environment for all Ethiopians.
For more information on Ethiopia’s financial policies and measures against illegal transactions, you can visit Ethiopia’s National Bank or learn more about lawful economic practices through World Bank’s Economic Data.
