Addis Abeba – Ethiopian Financial Intelligence Service (FIS) said it has suspended more than US$20 million which it said was allegedly accumulated in illegally collected foreign currency . In a statement released on 26 December, the Service said it has confirmed through monitoring that various individuals have been engaged in illegal activities violating the Diaspora account directive meant to allow Ethiopians living abroad to open foreign currency accounts in local banks. Using other people’s declarations and opening multiple diaspora accounts in various banks in violation of the law have also been used according to the statement. In September, the Ethiopian Finance Intelligence Service (FIS) had also warned agencies and local actors it accused of involving in illegal money transfer activities to refrain from their activities. A list containing the names of the suspected individuals have been sent to Ministry of Justice pending criminal charges.

Source: Ethiopian News December 27, 2022 08:34 UTC