112 Arrested as Ethiopia Cracks Down on Organized Foreign Exchange and Financial Crimes

Addis Ababa, November 10, 2025 (FMC) – Ethiopian security agencies have apprehended 112 suspects in a nationwide crackdown on illegal foreign exchange operations undermining the country’s economy.

The National Intelligence and Security Service (NISS) told Fana Digital that the arrests followed a large-scale intelligence operation targeting organized networks in violation of the government’s macroeconomic reform measures.

The operation involved close coordination among NISS, the Financial Intelligence Service (FIS), the Ethiopian Federal Police (EFP), regional security agencies, and community informants. Both Ethiopian citizens and foreign nationals were implicated in the illicit activities.

As part of the crackdown, authorities froze 519 bank accounts linked to illegal transactions and seized various assets as evidence.

According to NISS, illegal money transfers, money laundering, foreign exchange fraud, tax evasion, and related financial crimes continue to inflict serious damage on Ethiopia’s economy and, in some cases, finance terrorist and armed groups.

The agency highlighted that decisive legal action has been taken against illegal international money transfer operators, unlicensed foreign exchange platforms, cryptocurrency applications, fraudulent brokers, and exporters and importers involved in trade-related fraud. These entities operated without proper authorization, causing significant economic losses.

The National Bank of Ethiopia has also revoked the licenses of multiple international money transfer operators and organizations that repeatedly violated directives aimed at preventing large-scale illicit inflows of foreign currency.

In addition, individuals operating illegal foreign currency transfer and cryptocurrency platforms to launder funds have been arrested.

NISS emphasized that these coordinated financial crimes were designed to disrupt major government projects, generate public dissatisfaction, and hinder Ethiopia’s economic recovery.

The agency confirmed that the crackdown on financial crimes threatening national security and the economy will continue, urging citizens to remain vigilant and report any suspicious activities.