Deputy Prime Minister and Minister of Finance, Mulipola Anarosa Ale-Molio’o, confirmed that the government supports the public warnings issued by the Central Bank of Samoa regarding BG Wealth. It also stated that it does not support or endorse BG Wealth.

The government’s clarification comes after public concerns arising from social media posts and media reports showing cabinet ministers photographed with individuals associated with the entity known as BG Wealth.

The entity has been flagged by many regulatory authorities, including the CBS, as being a pyramid scheme.

This follows articles published by PMN Online News and the Samoa Observer questioning whether the government supports or is involved with BG Wealth, despite public advisories issued by the CBS.

The government in its statement said the CBS remained an independent regulatory authority responsible for assessing financial schemes and protecting the public from potential financial risks.

Mulipola emphasised that the government has not endorsed BG Wealth in any form, and no approvals, registrations, or authorisations have been granted for the company to operate as a licensed financial service provider in Samoa.

“Appearing in photographs with members of the public does not constitute government endorsement or approval of any private business or financial scheme,” said  Mulipola.

The government also confirms that there are no formal negotiations or government-led discussions underway regarding the registration of BG Wealth in Samoa.

“Any business or financial entity wishing to operate in Samoa must follow the proper legal and regulatory application processes through the appropriate authorities,” said the statement.

The minister further urged members of the public to exercise extreme caution and carefully consider the advisories issued by the Central Bank of Samoa. Individuals are encouraged to seek independent financial advice and avoid participating in schemes that are not licensed or regulated in Samoa.

“Investigations into the activities of BG Wealth would be a matter for relevant regulatory and law enforcement authorities to proceed with in accordance with existing laws,” said the government.

“The Samoan Government remains committed to supporting the Central Bank of Samoa and ensuring the protection of the public from unregulated financial activities.”