PRESS STATEMENT


GET RICH QUICK SCHEMES

This press release is to raise awareness on ‘Get-rich-quick’ schemes that are currently operating and offering financial services in Vanuatu.

Pursuant to section 2(r)(iv) of the Anti-Money Laundering and Counter-Terrorism Financing Act 13 of 2014 (“AML&CTF Act”) captures these services as business of issuing financial guarantees and commitments whereby defined under the AML & CTF Act as ‘Reporting Entities’.

Such a service provider is obligated to register with the Vanuatu Financial Intelligence Unit (“VFIU”) as it is offering a commitment to pay a return to its member on a future date. As such, pursuant to Section 9(2) of the AML&CTF Act a reporting entity must not provide a service or establish a business relationship with a customer unless it is registered on the ‘FIU Register of Reporting Entities’.

This office is aware of an ongoing business known as Aim Global Group (‘AGG’) operating via its subsidiary, the Global Influencer (GI-Global) which has been offering financial commitments to its members in Vanuatu whilst being operated or managed from abroad. The VFIU is currently liaising with the business to better understand its activity and assess any ML/TF risk that AGG and its customers may be exposed to. The VFIU requested the business to adhere to the requirements under the AML&CTF Act to safeguard the investments of its customers and to ensure that its operations align with the said Act.

Further, to ensure protection of the public, it is recommended that potential and existing members seek confirmation on the registration/licensing of the business, confirmation on its organizational structure and management, receive and understand the business’ written prospectus, check the process of raising and addressing member complaints, confirmation of regular audit reports and ability of members to withdraw membership funds.

The AGG staff have been duly informed to stop operations including the conducting of awarenesses, referrals, stop any collections of moneys and sales of any products until an approval for registration on the FIU register is issued by this office.

The VFIU has a national role of regulating and supervising entities against money laundering, terrorist financing and other financial crimes in Vanuatu and also to safeguard the public against bogus get rich quick schemes.

The requirements under the AML&CTF Act are necessary to safeguard and protect the members investments and interests in the business.