Ethiopia, 11 November 2025 - Ethiopian authorities have announced the arrest of 112 individuals suspected of involvement in illegal foreign currency trading activities, along with the freezing of 519 bank accounts linked to organized networks targeted in a wide-ranging security operation.
Officials stated that several foreign nationals were among those arrested, noting the seizure of various items and evidence during raids on networks operating outside the formal banking system and engaging in activities that threaten the country’s national economic reform agenda.
The crackdown targeted unlicensed international money transfer operators, users of unauthorized digital and foreign exchange applications, hawala brokers, as well as importers and exporters accused of manipulating commercial transactions for illicit financial gain. The operations were conducted through joint coordination between security and regulatory authorities.
Authorities also confirmed the arrest of company owners suspected of transferring funds abroad via unlicensed platforms, and legal action has been taken against entities trading in foreign currency through digital applications in violation of banking regulations.
The campaign is part of ongoing efforts to combat illicit financial activities that threaten national security and harm the economy, with authorities pledging to continue pursuing all networks and individuals involved.
Two months ago, Ethiopian authorities had announced the freezing of bank accounts belonging to 123 individuals suspected of engaging in similar activities outside the official banking system, as part of a broader crackdown on parallel foreign exchange markets.
