Samoans cautioned to be alert about pyramid schemes

The Central Bank of Samoa is urging the public to not engage or invest in pyramid schemes, as they will lose their money.

According to the Central Bank, it has received reports and allegations of a number of pyramid schemes going around that involve gifting, regifting of money and includes recruitment.

The Financial Intelligence Unit of the CBS is looking into these schemes.

The matter will then be referred to Samoa Police Service and other appropriate Ministries for investigation and charges to be filed against those who run the schemes.

There are severe penalties including imprisonment of not more than seven years for anyone convicted of offences related to pyramid schemes.

The Central Bank has informed all financial institutions to prohibit any suspicious transactions related to so-called gifting schemes.  


Photo file