Financial Intelligence Service Freezes 123 Accounts Over Alleged Illegal FX

Addis Ababa, September 19, 2025 (ENA) -- The Financial Intelligence Service of Ethiopia has announced that it has frozen the bank accounts of 123 suspects involved in an illegal foreign exchange (FX) crime in a major investigation.

In a statement released today, Financial Intelligence Service emphasized that the measures specifically target those who have bypassed the legal banking system to engage in black market currency transactions.

According to the statement, this action is part of intensified monitoring of illegal foreign exchange operations across the country.

“Following the national macroeconomic reforms, it is encouraging that many citizens are conducting foreign exchange transactions legally. However, monitoring has revealed that certain entities continue to profit from illegal activities,” the Service noted.

The surveillance also pointed to the possible involvement of some banking professionals in these illicit operations, with investigations currently ongoing.

The Financial Intelligence Service reiterated that preventing illegal foreign exchange dealing, money laundering, and financing of terrorism remains a top priority.

The statement also stressed that the actions are in line with Proclamation No. 780/2005 and the Financial Intelligence Service is working closely with relevant stakeholders to ensure that all those involved are held legally accountable.