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HomeLatestEthiopia's Financial Intelligence Service suspended over 600 bank accounts 

Ethiopia’s Financial Intelligence Service suspended over 600 bank accounts 

Ethiopia's Financial Intelligence Service
Ethiopia’s Financial Intelligence Service logo (resized) ( source : FBE)

borkena 

Ethiopia’s Financial Intelligence Service on Monday said that it has suspended over 600 bank accounts in the country in connection with “illegal money transfer service.” 

About 665 bank accounts linked to the illegal service are frozen.

The intelligence service said that Individuals involved in the crime directly or indirectly will be held legally accountable. 

It also called for the public to tip law enforcement with information related to illegal money transfers. 

Last week, the Governor of the National Bank of Ethiopia, Yinager Dessie, said over 390 accounts linked to illegal money transfer services were suspended and an investigation is going on. 

The exchange rate of the U.S. dollar to the Ethiopian birr soared to 120 in the black market. The exchange rate in the banks at the same point was only under 53 birr. 

 It was said that illegal transfer in the country aggravated price inflation. 

During her speech at the parliamentary opening ceremony on Monday, Sahle Work Zewde mentioned that Ethiopia got over 5 billion in revenue from remittances from the Ethiopian Diaspora. 

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