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One of the major financial services regulators – Belize’s International Financial Services Commission (IFSC) warned that the Arab Gold Bank Ltd. is falsely claiming to be registered in Belize. On its website the IFSC notes that the Certificate of Incorporation on the bank’s website is a complete forgery and it is not registered neither with IFSC, nor with any other competent authority in Belize to conduct any type of banking or trading activities. In conclusion the IFSC warns that all persons should take note and exercise extreme caution.
On its website the Arab Gold Bank promises 100% guaranteed profit and daily payment of dividends. It offers investment in currencies, gold, oil and equity with four types of investment deposit plans: VIP Diamond shares, Gold stocks, Silver stocks and Bronze share, with net profit varying from 203.9% to 118.4% for investments with a 182-day duration. The company has agents in Oman, Saudi Arabia and Algeria. The Arab Gold Bank also offers a Ponzi scheme, dubbed “Marketing Commission for Life System”, in which the attracting of other investors brings additional profits from 1 to 7%.
IFSC’s warning of the potentially fraudulent trader is yet another of a series irecently. Last week Bulgaria’s Financial Supervision Commission (FSC) – issued a warning notice against 18 unauthorized entities, including Russia-based forex broker InstaForex and Mauritius-based HotForex. The regulator noted that the companies are not licensed and are not authorized to operate in Bulgaria.
France’s financial regulatory bodies Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF) also published a list of unauthorized websites and entities offering forex trading on the French market and advised the public to check with their local regulatory bodies, before signing up for trading accounts.