Ethiopia’s Financial Intelligence Service freezes over U.S. $20 million.
The government claims that frozen cash belongs to Ethiopians living abroad who have opened a foreign currency bank account. It is frozen, says the government because they were engaged in “illegal activity.” It said they have violated diaspora account rules.
85 individuals are implicated, based on a report from the state-owned media – ENA, in the alleged crime. A total of $20,226,583 is frozen.
It accused some of the suspects of using false ‘declaration,’ bringing to the country a small amount of cash and buying hard currency in the local market illegally.
There are also cases where members of the diaspora allegedly opened multiples of hard currency bank accounts in violation of the rules, it was said.
The government says they have violated bill 780/2005 that the National Bank of Ethiopia introduced.
The source cited Ethiopia’s Financial Intelligence Service as saying that the cases are transferred criminal investigation department.
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