Govt Suspends More Bank Accounts Linked to Illicit Money Transfer

ADDIS ABABA – The Financial Intelligence Service (FIS) of Ethiopia has frozen 665 bank accounts linked with illegal money transfer activities.

The government agency that coordinates efforts to combat money laundering and financing of terrorism announced the latest move on Monday.



It came days after the National Bank of Ethiopia (NBE) took similar actions as part of an ongoing crackdown on illicit financial flow.

More Accounts suspended

Authorities in the financial sector have been tracking, investigating and evaluating the actors involved in illicit money transfer and parallel blackmarket.

They are now taking measures on those heavily involved in the money transfer without license .

The Bank accounts of 391 individuals involved in illicit financial flow were frozen by the NBE last week.

The number increased further on Monday.

The government financial intelligence agency suspended the accounts of 665 illegal actors.

They have been working in money transfers without license together with their collaborators abroad, said the Agency.



The Ministry of Justice is expected to take further legal actions on the suspected individuals.

Illicit financial flow is often used as a means to legitimize wealth often acquired through illegal means, according to the FIS.

It said the ongoing crackdown into illicit money transfer and other financial crimes will continue, adding those involved in this illegal activity directly or indirectly will be held accountable.

The FIS also urged the public to support the latest push to prevent and control the crime.

The central bank put in place a new incentivized scheme last Friday for those who provide intel on illegal actors. It has also introduced a directive that offers privilege for collaborators who inform illegal actors to the regulatory body.

The post Govt Suspends More Bank Accounts Linked to Illicit Money Transfer appeared first on Ethiopian Monitor.

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