Addis Ababa, September 19, 2025 (FMC) – Ethiopia’s Financial Intelligence Service (FIS) announced the freezing of 123 bank accounts linked to alleged illegal foreign exchange (FX) activities, marking a significant step in the government’s ongoing efforts to combat financial crimes.
In a statement released today, FIS emphasized that the targeted measures focus on individuals and entities circumventing the formal banking system to engage in black-market currency transactions.
The action comes amid intensified monitoring of illicit FX operations across the country. “Following the national macroeconomic reforms, it is encouraging that many citizens conduct foreign exchange transactions through legal channels.
However, investigations have revealed that some actors continue to profit from illegal activities,” the statement said.
The surveillance further suggested potential involvement of certain banking professionals in these operations, with authorities confirming that investigations are ongoing to determine the full scope of the misconduct.
The Financial Intelligence Service reaffirmed that preventing illegal FX dealings, money laundering, and the financing of terrorism remains a top priority.
The measures are taken under the provisions of Proclamation No. 780/2005, with FIS working closely with relevant stakeholders to ensure that all implicated individuals and organizations are held accountable under the law.