Public warned of finance cheats

By SHIRLEY MAULUDU
ONLY the Bank of Papua New Guinea (BPNG) has the powers to issue a licence to individuals or agencies collecting deposits or funds from the public, says governor Loi Bakani.
Bakani said this was to protect depositors. “The BPNG has powers to give licences to anyone who collects deposits or funds from the public, whether for investments or other uses,” Bakani told The National.
“This is to protect the depositors or public from abuse or fraudulent use of their funds.
“This applies to banks, finance companies, savings and loans societies, insurance companies.”
Bakani said any other system was illegal and he warned the public to engage only with financial institutions licensed by BPNG.
He was responding to questions over whether the bank could stop any institution or money-making scheme operating without the Central Bank’s approval.
“Yes. But for scams, we rely on the public to lodge a complaint and we can take it up with police,” Bakani said. The bank had earlier issued the warning to people to use only authorised financial institutions. A list of these institutions is published in the newspapers from time to time and on the bank’s website www.bankpng.gov.pg.
“Do not place your money with illegal money schemes and scams. Use the services of authorised financial institutions only,” Bakani said.