NISS, National Bank warn actors against illegal foreign exchange trade, money transfer

Addis Ababa, March 31, 2023 (FBC) – The National Intelligence and Security Service (NISS) and the National Bank of Ethiopia (NBE) warned actors involving in illegal foreign exchange and illicit money transfer.

The institutions warned elements it accused of involving in illegal money transfer activities to refrain from their activities.

NISS has unveiled its investigation report on illegal foreign exchange and illicit money transfer yesterday in the presence of various stakeholders including Governor of the National Bank of Ethiopia and President of Commercial Bank of Ethiopia and representatives of security institutions.

Findings of the report indicated that the illegal money transfer and foreign exchange activities put the nation at risk by weakening the economy of the country, adding fuel to the soaring cost of living and aggravating corruption.

The report also shows that leadership and professionals of public and private institutions and foreigners are among the actors involving in the illegal foreign exchange and money transfer, and the international chain involving the illicit activity is backed by brokers, organizations, companies and banks.

Director General of NISS, Temesgen Tiruneh stated that the illegal foreign exchange trading schemes threatening the nation, stressing that they have finalized preparation to take required legal measures to stop such violations.