Freetown, Sierra Leone — The Bank of Sierra Leone (BSL) has issued a public warning regarding a scam circulating on WhatsApp.
The fraudulent posts encourage individuals to join a group for online foreign exchange trading.
BSL highlighted the legal framework governing such activities.
“Section 3 of the Other Financial Services Act, 2001 and Section 50A (1) of the Other Financial Services (Amended) Act 2007 exclusively authorize the BSL to license financial institutions and investment dealers/advisors in Sierra Leone,” the bank stated.
These sections require that any institution soliciting public deposits for investment purposes must be licensed by the BSL.
The BSL emphasized the need for transparency from licensed institutions.
“Other Financial Institutions licensed by the BSL should conspicuously display their license for the attention of customers,” the notice continued.
The bank explicitly denied licensing a company named Forex Guru Investment, which has been implicated in the fraudulent scheme.
“The BSL has not granted a license to any company named Forex Guru Investment to serve as a dealer or investment advisor to the public for any investment activity, including trading in foreign currencies online or offline,” the bank clarified.
The notices circulating on WhatsApp are attributed to “unscrupulous individuals whose aim is to defraud the unsuspecting public,” according to BSL.
In response, the bank urged the public to disregard such requests and report any related posts to the Cybercrime Unit of the Sierra Leone Police.
