CENTRAL BANK ISSUES FOREX FRAUD WARNING
Tonight, a stark warning on foreign currency exchange: dealing with unauthorised sellers is a gamble you take at your own risk. The Central Bank of Trinidad and Tobago is raising the alarm over illicit money changers, particularly on social media, where tempting rates hide severe risks. Authorities warn that victims often face total financial loss with no legal recourse, and their personal bank accounts can be flagged and frozen during money laundering probes.
In a notice dated today, September 10th, the Central Bank stressed all foreign currency transactions MUST go through an authorised dealer. These regulated institutions provide security for your money. The advice is simple: if there’s no official license on display, walk away. It’s the only way to protect your cash.
