The Government of Samoa wishes to clarify its standing regarding recent public concerns arising from social media posts and media reports showing Cabinet Ministers photographed with individuals associated with the entity known as BG Wealth.
This follows articles published by PMN Online News and the Samoa Observer questioning whether the government supports or is involved with BG Wealth, despite public advisories issued by the Central Bank of Samoa [C.B.S.].
Deputy Prime Minister and Minister of Finance, Honourable Mulipola Anarosa ‘Ale-Molio’o, confirms that the government fully supports the public warnings issued by the Central Bank of Samoa regarding BG Wealth. The C.B.S. remains to be an independent regulatory authority responsible for assessing financial schemes and protecting the public from potential financial risks.
The Minister emphasised that the government has not endorsed BG Wealth in any form, and no approvals, registrations, or authorisations have been granted for the company to operate as a licensed financial service provider in Samoa.
“Appearing in photographs with members of the public does not constitute government endorsement or approval of any private business or financial scheme,” said the Minister.
The government also confirms that there are no formal negotiations or Government-led discussions underway regarding the registration of BG Wealth in Samoa. Any business or financial entity wishing to operate in Samoa must follow the proper legal and regulatory application processes through the appropriate authorities.
The minister further urged members of the public to exercise extreme caution and carefully consider the advisories issued by the Central Bank of Samoa. Individuals are encouraged to seek independent financial advice and avoid participating in schemes that are not licensed or regulated in Samoa.
Investigations into the activities of BG Wealth would be a matter for relevant regulatory and law enforcement authorities to proceed with in accordance with existing laws.
The Samoan Government remains committed to supporting the Central Bank of Samoa and ensuring the protection of the public from unregulated financial activities.
The statement was issued by the Government of Samoa Press Secretariat.
