The Central Bank of Samoa has issued a public advisory warning people not to get involved with an online investment scheme known as BG Wealth, which has been promoted on social media and through investment presentations using slogans such as “Join the Crypto Revolution.”
In its advisory, the bank said BG Wealth Sharing claims to offer guidance on cryptocurrency trading, daily profit opportunities and financial growth, but stressed that the scheme is not regulated in Samoa. The Samoa Financial Intelligence Unit said cryptocurrency and virtual asset schemes are not legal tender in Samoa, and promotions offering high or guaranteed returns are misleading and carry serious risks.
The Central Bank also said authorities in Tonga and New Zealand are investigating similar fraudulent activity linked to the scheme. It said the Reserve Bank of Tonga has already warned that BG Wealth Sharing has been impersonating legitimate trading platforms to deceive people, including members of the Tongan diaspora living overseas.
The Samoa Financial Intelligence Unit has alerted banks and money transfer operators to report any information connected to the scheme. The advisory says any relevant information will be reviewed and passed on to the Samoa Police Service and the Ministry of Commerce, Industry and Labour for investigation under the Crimes Act 2013 and the Consumer Protection Act 2016.
The Central Bank said it will continue monitoring BG Wealth and related promotions, and reminded the public that anyone promoting virtual currency in Samoa must first obtain Central Bank approval under the Money Laundering Prevention Act 2007.
The advisory also set out common warning signs linked to cryptocurrency scams. These include the absence of legal protection, irreversible payments, fake profit statements, pressure to invest more money, and demands for extra fees or taxes when victims try to withdraw funds.
The Central Bank is urging the public to verify whether an investment business is licensed, ask for clear written information, avoid relying on testimonials or screenshots, and never send money to people met only online. It also advised people to seek guidance from a bank or trusted financial professional before making any investment.
This article is based on a press release issued by the Central Bank of Samoa.
