Over 100 individuals arrested over alleged sabotage on the financial system and illegal forex service
Borkena
Toronto – The National Bank of Ethiopia on Monday announced that it has started taking actions against individuals engaged in practices, including illegal remittance, that undermine the integrity of the financial system in the country.
“The National Bank of Ethiopia has commenced coordinated action, in collaboration with relevant legal authorities, against individuals and entities involved in unlicensed foreign remittance activities,” it said in a statement released on Monday.
it is indicated that the nature of the action constitutes “legal proceedings.” However, it did not specify the individuals facing the charges and where the proceeding is taking place.
According to the bank , the action is targeting “dealers and fund providers.” The Bank alleges that these unspecified “dealers” have been exploiting “the Ethiopian financial system to facilitate unauthorized cross-border money transfers.”
It sees the action as part of its “commitment” to “protect the integrity of the financial system to ensure that foreign exchange inflows are managed through legitimate, transparent and regulated channels.”
Last month, the bank announced that it will take measure against illegal money transfer and export trade practices.
112 suspects arrested in connection with illegal practices
Although NBE retains detailed information, National Intelligence and Security Services on Monday has reportedly announced that it has arrested 112 suspects over alleged suspicions of illegal forex practice and financial sabotages including tax evasions, illegal export trade, legalizing illegally appropriated money and serving as channels in “supporting armed groups” in the country.
Seven of the suspects are foreign nationals.
The suspects were allegedly engaged in “illegal” cross border transfer of money via international money transfer, using illegal money transfer apps and crypto currency applications. No further details are provided.
As well, the Federal Ethics and Anti-Corruption Commission reported that 519 bank accounts linked to “illegal activity” are suspended. Several items are seized as exhibits.
The arrest was following a joint operation from national Intelligence and Security Services, Ethiopian Federal Police, Regional Security Structures, based on the government sources.
It is unclear if the alleged suspects were given access to lawyers and what they had to say about the allegation.
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There is a new sheriff in town charged with managing the banking affairs of that country. Bigots and connivers among us who are trying to tear up that gem of the colored financially laundering money from your comfy homes in Minnesota, LA, Seattle, DC, Knoxville, Michigan, Toronto, Oslo, Down Under and some missionary foxholes, Sheriff Eyob Tekalign, PhD is coming for you. He’s got your numbers. You can’t hide anywhere because he has caught you red-handed in your despicable pilfering acts.