Addis Ababa (Dawan Africa)_The National Bank of Ethiopia (NBE) today issued a public statement identifying four U.S.-based money transfer companies that it says are engaged in illegal money transfers, money laundering, and activities that distort foreign exchange markets.
The companies named are:
• Shgey Money Transfer – Silver Spring, MD and Falls Church, VA
• Adulis Money Transfer – Falls Church, VA and Silver Spring, MD
• Ramada Pay (Kaah) – Falls Church, VA
• TAAJ Money Transfer – Minneapolis, MN
According to the NBE, funds sent through these entities are at risk of confiscation on money laundering grounds, and there is no guarantee that recipients in Ethiopia will receive the money.
“We advise members of the Ethiopian public to avoid these entities to ensure their funds are transferred safely and legally to their loved ones,” the statement read.
The Bank confirmed it has contacted relevant U.S. authorities to request cooperation regarding the matter.
