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Bank warns of possible scam

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BY JEFFREY ELAPA

The Bank of Papua New Guinea has come out again to warn those investing in unlicensed promoters of investment money collection schemes.

The bank, through an authorised statement from the Governor Loi Bakani, warned business entities and individuals to be cautious and to avoid placing their hard earned money with promoters or agents of various schemes such as money scams with the promise of higher returns over a short period, setting up a licensed financial institutions (LFI) and others.

“The bank has become aware of certain agents who have promoted schemes involving the collection of monies from the public in order to invest in operations or establish financial institution(s).

“The bank regulates financial institutions to protect depositors’ money and interest, and to maintain financial system stability.

“There are strict requirements under the Banks and Financial Institutions Act and Regulations for a licence to be awarded…

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