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WARNINGS 

There are financial institutions out there that falsely claim they are registered or licensed in our jurisdiction. Their purpose for doing this is more than likely for illicit reasons and potential customers should be very cautious about conducting business with them. As we hear about these institutions, we will post them to this area.

This page may also be used to alert investors to other relevant matters.

  • ADVISORY: Foreign Exchange (FOREX) Trading and Cryptocurrency offerings:

    The St. Vincent and the Grenadines Financial Services Authority (FSA) and the Financial Intelligence Unit (FIU) hereby issues the following warning:

    The Authorities in St. Vincent and the Grenadines are aware of the recent growing international trend of Forex Trading and Cryptocurrency. It is advised however, that there is no regulation in place for Foreign Exchange (Forex) Trading and Cryptocurrency offerings in St. Vincent and the Grenadines. Furthermore, no Forex Trading or Cryptocurrency licenses are issued in St. Vincent and the Grenadines. These are speculative investments with considerable risks to the investor.

    Members of the public are urged to exercise caution before engaging in any Forex Trading activities or accepting Cryptocurrency offerings.

    Forex Trading

    Forex Trading or Brokerage is the activity of trading in currencies. It involves a person purchasing a certain quantity of one currency by paying in a quantity of another currency. The trader is basically speculating on the future rate of a particular currency. Forex Trading can be done from anywhere in the world with only an Internet connection required.

    The public is advised to beware of Forex trading frauds, where an entity may promise to offer high yield, low risk investment opportunities from investments in foreign currency contracts. These deals may be scams and although they may look like a new sophisticated form of investment opportunity, they may be a form of financial fraud which targets retail customers. Forex scams normally appear attractive and sophisticated sounding and may be advertised via newspapers, radio promotions, or the Internet. In most cases, potential clients are told that they will obtain tens of thousands of dollars in as little as a few weeks or months with small sums. Members of the public are asked to note the following warning signs of a Forex scam:

    • Promises that sound too good to be true;
    • Claims that most customers make money;
    • Unsolicited phone calls offering investments especially from unfamiliar sounding company names;
    • Phony success stories from fictional customers;
    • Be especially cautious if you have acquired a large sum of cash and have been looking for an investment vehicle;
    • High pressure efforts to convince you to send or transfer cash immediately to the firm whether via the Internet or over-night delivery;
    • Promises of minimal risks: currency futures and options markets are in fact very volatile and carry substantial risks;
    • Promises of a fixed return, or promises of a maximum amount that you can lose;
    • Promises to recover any loss you may suffer; and
    • Difficulty in getting background information.


    Victims tend to be newcomers in the financial sphere or people with absolutely no trading and investment experience. These companies must disclose information on the risks involved and the pertinent details of the client agreement particularly on the possibilities of loss to the client.

    If an entity is unlicensed and unregulated, you will be using its services at your own risk. Unregulated Forex Trading or Brokerage and Binary Options entities may not be subject to any code of practice or other regulatory law anywhere that expressly prohibits the business from making statements that are misleading, false or deceptive. Neither are their owners, directors and managers subject to the “fit and proper” test applied by financial regulatory authorities, such as the FSA.

    Cryptocurrency

    Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Cryptocurrency is a speculative product which also present risks relating to money laundering and terrorist financing. Some illicit uses of crypto-currency include their use for Ponzi and other pyramid schemes, phishing scams, ransomware, fraud, market manipulation, money laundering, terrorist financing and the facilitation of small arms shipments and drug trafficking. Cryptocurrency is not regulated and can be used for fraudulent purposes to scam unsuspecting investors.

    The public is urged to act with caution and understand the risks they will be exposed to if they choose to invest in cryptocurrencies.

    The public is also advised not to invest what they cannot afford to lose and to ensure that they understand all the procedures and risks and conduct investigations to ensure that the person offering the investment opportunity is properly licensed and has a reputable business history.

    Issued By:
    Financial Services Authority
    15th June, 2018
  • ADVISORY: Foreign Exchange (FOREX) Trading or Brokerage or Binary Options Trading:

    The St. Vincent and the Grenadines Financial Services Authority (FSA) hereby issues the following warning:

    The FSA does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA "Regulate, Monitor, Supervise or License" International Business Companies (IBCs) which engage in such activities.

    IBCs incorporated in St. Vincent and the Grenadines are authorized to engage in any business activity without approval from the FSA, except where the proposed business activity relates to banking, insurance or mutual fund businesses. Banking, insurance and mutual fund businesses are licensed activities. FOREX or Brokers Trading licenses are not issued by any authority in St. Vincent and the Grenadines.

    Forex Trading or Brokerage is the activity of trading in currencies. It involves a person purchasing a certain quantity of one currency by paying in a quantity of another currency. The trader is basically speculating on the future rate of a particular currency. Forex Trading can be done from anywhere in the world with only an Internet connection required.

    The FSA advises the public to beware of FOREX currency trading frauds, where an entity may promise to offer high yield, low risk investment opportunities from investments in foreign currency contracts. These deals may be scams and although they may look like a new sophisticated form of investment opportunity, they may be a form of financial fraud which targets retail customers. Forex scams are normally attractive and sophisticated sounding and may be advertised via newspapers, radio promotions, or the Internet. In most cases, potential clients are told that they will obtain tens of thousands of dollars in as little as a few weeks or months with small sums.

    Members of the public are asked to note the following warning signs of a Forex scam:

    • Promises that sound too good to be true;
    • Claims that most customers make money;
    • Unsolicited phone calls offering investments especially from unfamiliar sounding company names;
    • Phony success stories from fictional customers;
    • Be especially cautious if you have acquired a large sum of cash and have been looking for an investment vehicle;
    • High pressure efforts to convince you to send or transfer cash immediately to the firm whether via the Internet or over-night delivery;
    • Promises of minimal risks: currency futures and options markets are in fact very volatile and carry substantial risks;
    • Promises of a fixed return, or promises of a maximum amount that you can lose;
    • Promises to recover any loss you may suffer; and
    • Difficulty in getting background information.

    The public is advised not to invest what one cannot afford to lose and to ensure that you understand all the procedures and risks and to investigate to ensure that the person offering the forex investment is properly licensed and has a reputable business history.

    The FSA warns that these companies must disclose information on the risks involved and the pertinent details of the client agreement particularly on the possibilities of loss to the client.

    If an entity is unlicensed and unregulated, you will be using its services at your own risk. Unregulated FOREX Trading or Brokerage and Binary Options entities may not be subject to any code of practice or other regulatory law that expressly prohibits the business from making statements that are misleading, false or deceptive. Neither are their owners, directors and managers subject to the “fit and proper” test applied by the FSA to regulated entities.

    If you believe that you have been victimized by a Forex Trading or Binary Options Trading entity, it is advised that you contact the financial crime authorities in your jurisdiction.

    Issued By:
    Financial Services Authority
    29th March, 2018
  • PUBLIC WARNING:

    The Financial Services Authority (the “FSA”) has been made aware that an entity calling itself STOXMARKET LIMITED is purporting to be a licensed entity in St. Vincent and the Grenadines authorized to engage in binary options through its website http://www.stoxmarket.com.

    The FSA warns that STOXMARKET LIMITED has never been registered or incorporated as a company in St. Vincent and the Grenadines.

    Any Certificate of Incorporation provided by this company which is purported to be issued by the St. Vincent and the Grenadines FSA is a forgery and members of the public are therefore advised to exercise extreme caution if solicited at any time by, or conducting any business with, STOXMARKET LIMITED.

    Issued By:
    Financial Services Authority
    8th September, 2017

  • PUBLIC WARNING:

The Financial Services Authority (FSA) advises that the entity called the “St. Vincent and the Grenadines Financial Services Administration” which purports to operate through the website: www.svgafsa.com is not an online companies registry in St. Vincent and the Grenadines nor is it acting on behalf of the FSA nor is it a “third party” regulator in this Jurisdiction. This entity is not and has never been a service provider in St. Vincent and the Grenadines.

The website is an illegal and unauthorised replicate of the FSA’s website www.svgfsa.com.
The statement on the entity’s website (www.svgafsa.com) to the effect that it is “a directory for licensed FSA Banking Institutions, Insurance Companies, Mutual Fund, Fund Managers and SVAGFSA 3rd Party Registered Financial Service Providers” as well as the contact details provided are false.

The FSA is the only entity which may register international business companies and other international companies in St. Vincent and the Grenadines.

The public is advised to be aware of this fraudulent entity and to report any contact by this company to your local financial crimes unit.

Issued By:
Financial Services Authority
31st March, 2015

  • The Financial Services Authority (the “Authority”) wishes to advise that according to its records, the following person is not affiliated or associated with Ashoka Funds, a Public Mutual Fund registered in St. Vincent and the Grenadines:.

Dr. Blaser Rudolf Anthony

(Group Company Secretary)

Ashoka Funds LTD

(formerly) Syos Investment Funds SCC Ltd.

Crown Court 66

Cheapside London

EC2V 6LR

Tel: +4470 4570 4158

From information received, Anthony Rudolf Blaser has represented that he is the company secretary of a Mutual Fund called Ashoka Funds LTD (formerly Syos Investment Funds SCC Ltd.). The public is advised that according to the records of the Financial Services Authority:

1. A company called “Ashoka Fund (a segregated cell of Syos Investment Funds Limited)” is registered in St. Vincent and the Grenadines;

2. There is no record of a company called “Ashoka Funds LTD (formerly Syos Investment Funds SCC Ltd.)”

3. Syos Investment Funds SCC Limited has not changed its name since its registration; and

4. Anthony Rudolf Blaser is not and has never been registered as a member or director of Syos Investment Funds SCC Limited.

Issued By:
Financial Services Authority
23rd December, 2014

  • The Financial Services Authority (the “Authority”) wishes to advise that GBH Holding, GBH Private Bank – St. Vincent and the Grenadines and GBH – St.Vincent are not and have never been incorporated, registered, or licensed by the St. Vincent and the Grenadines Financial Services Authority to provide international banking services or any other services..

Their activities in relation to St. Vincent and the Grenadines, as listed on the website http://www.gbhbank.com/en/contacts/saint-vincent/, do not include the following:

Offshore (IBC) Companies Incorporation

Offshore (IBC) Comapnies Administration

Nominee Services

Trust Services and Administration

Professional Trustees

Fiduciary Services

Issued By:
Financial Services Authority
27th August, 2014

  • The Financial Services Authority wishes to advise that an entity called “A-BANK OF MELBOURNE UIP” (http://www.uipcbank.com/) claiming to be licensed or ‘chartered’ as an international bank in St. Vincent and the Grenadines is not and has never been licensed by the St. Vincent and the Grenadines Financial Services Authority to provide banking services or any other services.

Issued By:
Financial Services Authority
5th June, 2014

  • “The Financial Services Authority (the “Authority”) wishes to advise that it does not ‘Regulate, Monitor or Supervise” International Business Companies (IBCs) which engage in FOREX Trading or Brokerage. Statements of this nature are a misrepresentation of the Authority’s supervisory powers with respect to IBCs.

The Authority does not approve or sanction the business activities of IBCs upon their incorporation. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies Act. The Authority also does not license the activity of FOREX Trading or Brokerage and any IBC purporting to be licensed by the Authority to conduct this business activity is making a false statement

Issued By:
Financial Services Authority
5th June, 2014

  • The Financial Services Authority wishes to advise that an entity called “INTERBANK” claiming to operate as a licensed international bank in St. Vincent and the Grenadines is not and has never been registered or licensed by the St. Vincent and the Grenadines Financial Services Authority to provide banking services or any other services.

“INTERBANK” purports to operate from the address, The Financial Services Centre, Paul's Avenue, Kingstown, St. Vincent and the Grenadines. The Authority wishes to advise that it is not aware of any such business housed at the foregoing address.

Issued By:
Financial Services Authority
18th April, 2014

  • The Financial Services Authority wishes to advise that an entity called “ATM Express AG” claiming to offer Forex Services as a registered St. Vincent and the Grenadines International Business Company, is not and has never been registered by the St. Vincent and the Grenadines Financial Services Authority.

The purported entity ATM Express AG advertises its services through the website https://www.atmxpay.com. It also claims that its address is Suite 305, Griffith Corporate Center, Kingstown, St. V&G.

The Financial Services Authority therefore advises that persons who have paid funds to ATM Express AG through its website https://www.atmxpay.com and are experiencing difficulties recouping their funds, should consider contacting their relevant authorities.

Issued By:
Financial Services Authority
20th February, 2014

  • The Financial Services Authority (the Authority) wishes to advise that an entity called “Argon Limited” is being represented as a St. Vincent and the Grenadines Registered Agent Service Provider on several websites, some of which are as follows:

1. www.exportersindia.com
2. www.sell123.org
3. http://company.hellocompanies.com
4. www.alibaba.com

Argon Limited” purports to offer services to form and register IBCs within 24 hours and also offers other products namely – international banks, insurance companies and mutual funds.

Information provided on the entity’s websites states that “Argon Limited” is operating in St. Vincent and the Grenadines, with its address at 97 Granby St, Kingstown, St. Vincent. Contact details include - Tel:784 485 6585 and 784 431 1391 and Fax: 784 485 6586. The Authority wishes to advise that it is not aware of any such business housed at the foregoing address.

The Authority wishes to further advise that “Argon Limited” was licensed by the then International Financial Services Authority of St. Vincent and the Grenadines, the former Authority mandated to issue such licenses to provide Registered Agent and Trustee services. “Argon Limited” was licensed from 16th April, 1998 to 8th December, 2010 at which time its license was revoked. “Argon Limited” is not listed as a registered service provider on the Authority’s website, www.svgfsa.com.

  • The Financial Services Authority wishes to advise that an entity called “Overseas First Federal” is representing itself as an Offshore Financial Company, via the website http://www.overseasfirstfederal.com/. This entity purports to offer banking services through a trust company located in St. Vincent and the Grenadines called “Overseas First Union”.

Information provided on the entity’s website states that “Overseas First Federal” is operating in St. Vincent and the Grenadines, with its address at Sutherland’s Building, Murray Road, Kingstown, St. Vincent. Contact details include: Tel: 1(786)515-9722 and Fax: 1(786)309-2776. The Authority wishes to advise that it is not aware of any such business housed at the foregoing address and the photograph representation of the building on the website does not depict either the Sutherland’s Building in Kingstown, St. Vincent or any building in the vicinity of Sutherland’s Building. In addition, the country area code for St. Vincent and the Grenadines is not ‘1786’.

The Authority wishes to further advise that “Overseas First Federal” and “Overseas First Union” are not and have never been licensed by the Financial Services Authority of St. Vincent and the Grenadines to provide banking services or any other services.

  • In June 2007, the St Vincent and the Grenadines International Financial Services Authority (IFSA) became aware that there is a company which illegally using a modified version of our website to promote its business.

Please note that FSA is a regulatory body and does not conduct money transfer or any similar type of business and is not affiliated with any company which does.

  • The International Financial Services Authority revoked the license of STB Swiss Trust Bank Ltd. (44 BK 2001) on the 27th December 2006. The bank now has to appoint a liquidator. Please be advised that this bank is no longer licensed to conduct any business.

  • The company Electronic Financial Services is not a licensed Registered Agent or Service Provider in St. Vincent and the Grenadines and therefore has no authority to provide St. Vincent and the Grenadines Company Incorporation Services.

    All information appearing on the website http://incorporateacompany.com is therefore false, erroneous and misleading.

  • On the 2nd August 2006, the company named MOSAIC FINANCE alleged to be registered in St. Vincent and the Grenadines on the 6th December 2005 bearing registration No: 9821 IBC 2005 and purports to bear the signature of the Registrar of IBC does not appear on the Registrar of IBC In St. Vincent and the Grenadines.

Information relating to MOSAIC FINANCE appearing on website http://mosaicfin.co.uk and on the Certificate on Incorporation, http://mosaicfin.co.uk/license.gif, is erroneous, false and misleading.

  • In the recent past Herald Funds LLC claimed to be established in St. Vincent . This company was never registered by IFSA and their contact address in St. Vincent does not exist. Their website was www.heraldfunds.com. This website was removed in July/August 2005.

  • In March 2005, it came to our attention that a company called Lincoln Roche of 12 Kingstown Road, St. Vincent and the Grenadines was soliciting funds from the public. This company is not and has never been registered in St. Vincent and the Grenadines. Also, the address given is not a valid address in our jurisdiction, neither is the telephone number. It appears that the company wrongfully used our jurisdiction to promote their business.

  • In October 2005, it came to our attention that a company called FlexiCapitalSaver or FCS with an address at CNR of Granby Street and Sharpe Street, Suite K2102, Kingstown, St. Vincent and the Grenadines was soliciting business from the public. This company is not and has never been registered in St. Vincent and the Grenadines. Also, the address given is partially invalid and the telephone number is not operational. It appears that the company wrongfully used our jurisdiction to promote their business.

  • In January 2009, the St. Vincent and the Grenadines International Financial Services Authority (IFSA) became aware that there is a company claiming to be the International Financial Service Authority Confiscating Department and using a modified version of our website to promote its business.

Please note that the Financial Services Authority does not have a Confiscating Department and has no affiliation of association with this entity and website.

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