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ADVISORY FOR FINANCIAL INSTITUTIONs

AND NON-REGULATED SERVICE PROVIDERS (NRSPs)

COVID-19 AND ITS IMPACT ON FINANCIAL CRIMES - INTERNATIONAL TRENDS

 

 

ADVISORY: COVID-19 Related Scams

Covid-19 Scams

REFRAIN FROM:

  • Providing personal, banking or financial information via the phone, email, social media or text.
  • Purchasing medical or protective equipment online from disreputable or questionable sources.
  • Downloading suspicious attachments or links.

UNLESS:

  • You verify the legitimacy of the request or transaction by directly contacting or researching the relevant governmental office, health office, charitable or official organization.
  • You seek verification from guidelines issued by:
    1. The government regarding the disbursement of stimulus payments or COVID-19 contact tracing procedures.
    2. Financial Institutions as it pertains to online banking verification procedures.

 

ADVISORY: Foreign Exchange (FOREX) Trading and

Cryptocurrency offerings

The St. Vincent and the Grenadines Financial Services Authority (FSA) and the Financial Intelligence Unit (FIU) hereby issues the following warning:

The Authorities in St. Vincent and the Grenadines are aware of the recent growing international trend of Forex Trading and Cryptocurrency. It is advised however, that there is no regulation in place for Foreign Exchange (Forex) Trading and Cryptocurrency offerings in St. Vincent and the Grenadines. Furthermore, no Forex Trading or Cryptocurrency licenses are issued in St. Vincent and the Grenadines. These are speculative investments with considerable risks to the investor.

Members of the public are urged to exercise caution before engaging in any Forex Trading activities or accepting Cryptocurrency offerings.

 

Joint Statement by the Relevant Authorities in St. Vincent and the Grenadines on Allegations of ‘Money Laundering’.

The relevant authorities in St. Vincent and the Grenadines, namely, the National Anti-Money Laundering Committee (NAMLC), the Financial Services Authority (FSA) and the Financial Intelligence Unit (FIU) hereby issue a joint statement strongly denouncing the description of St. Vincent and the Grenadines as being 'notorious for money laundering' and a 'prime money laundering destination'.