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Advisory Warning to the General Public

26th August 2020

The Royal St. Christopher and Nevis Police Force (RSCNPF), the Financial Services Regulatory Commission (FSRC) and the Financial Intelligence Unit (FIU) would like to draw the public’s attention to a Warning Notice issued by the Eastern Caribbean Securities Regulatory Commission (ECSRC) dated 21 July 2020. This Notice advised of various “investment-related” scams and fraudulent offerings including:

1. Pyramid Schemes; and
2. Unauthorised Foreign Exchange Market (Forex) Trading

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WARNING NOTICE: COVID-19 Related Scams

The Eastern Caribbean Securities Regulatory Commission (ECSRC) advises the public in the member countries of the Eastern Caribbean Currency Union (ECCU) to be aware of fraudulent investment offering that are being circulated via the internet and other channels.

These scams are currently being promoted using the COVID-19 pandemic as a cover to target unsuspecting or vulnerable individuals in times of economic stagnation and downturns.  Thy include: Pyramids Schemes, Unauthorised Forex Trading, false COVID-19 related investments and Work From Home and Personal Finance Scams.

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Notice to the General Public | 27 July 2020

Subject to Section 7 of the Co-operative Societies Act, Cap. 21.04, the Financial Services Regulatory Commission wishes to advise the General Public that the Police Co-operative Credit Union Limited has been placed under Administrative Supervision effective 24th July 2020.  The Financial Services Regulatory Commission has appointed Mr. Walter Bass as the Administrative Supervisor in accordance with Section 7(1)(b)(ii) of the Co-operative Societies Act, Cap 21.04.

All members and other stakeholders of the Police Co-operative Credit Union Limited are advised that the operations of the Police Co-operative Credit Union Limited will continue as normal.

Please be guided accordingly.