Warning against dubious investment websites
Friday, April 20, 2007
BRUNEIANS should think twice before putting their money in investment schemes offered through the Internet, the Ministry of Finance said.
It cited direct selling and pyramid schemes or foreign exchange trading, which promise investors high returns.
The ministry warned the public to be cautious and to do background check on the entity offering the product, noting any person offering any financial investment products in Brunei must obtain approval or be licensed by the ministry beforehand.
The public was also urged to be vigilant in protecting themselves from fraud in today's financial markets. Before dealing with any person or entity offering any form of foreign exchange or commodity or any other financial products, they should contact the Ministry of Finance first to confirm the licensing of that person or entity.
Anyone found to be engaging in such activities without appropriate licence is guilty of an offence and liable on conviction to a fine not exceeding, $1,000,000 or imprisonment for a term not more than 10 years or both under the Securities Order 2001 or to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both and in the case of a continuing offence, a further fine not more than $100,000 for every day during the offence continues after conviction under the Banking Order 2006.
The public was urged to report to the ministry suspicious websites, emails or any information relating to unlicensed investment advise and services, including those available on the Internet. The ministry can be reached through the Brunei International Financial Centre (Level 14 of the Ministry of Finance Building) at 2383747 or bifc@mof.gov.bn.
The Brunei Times
It cited direct selling and pyramid schemes or foreign exchange trading, which promise investors high returns.
The ministry warned the public to be cautious and to do background check on the entity offering the product, noting any person offering any financial investment products in Brunei must obtain approval or be licensed by the ministry beforehand.
The public was also urged to be vigilant in protecting themselves from fraud in today's financial markets. Before dealing with any person or entity offering any form of foreign exchange or commodity or any other financial products, they should contact the Ministry of Finance first to confirm the licensing of that person or entity.
Anyone found to be engaging in such activities without appropriate licence is guilty of an offence and liable on conviction to a fine not exceeding, $1,000,000 or imprisonment for a term not more than 10 years or both under the Securities Order 2001 or to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both and in the case of a continuing offence, a further fine not more than $100,000 for every day during the offence continues after conviction under the Banking Order 2006.
The public was urged to report to the ministry suspicious websites, emails or any information relating to unlicensed investment advise and services, including those available on the Internet. The ministry can be reached through the Brunei International Financial Centre (Level 14 of the Ministry of Finance Building) at 2383747 or bifc@mof.gov.bn.
The Brunei Times
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