13 Aug 2002

Alert over US company selling Samoan banking licences

3:50 pm on 13 August 2002

The US Treasury Department has issued a nation-wide alert to all financial institutions, that an unauthorised organisation is selling Samoan banking licences.

The alert was issued after a complaint from Samoa's Office of the Registrar of International and Foreign Companies against Witherspoon, Serymour and Robinson Inc.

The US company has been trying to sell pre-approved banking licences in Samoa over the internet.

A spokesperson for the Samoa government, Erna Vaai, says the US company is not a licensed trustee company in Samoa and has no authority to sell Samoan companies, banks or other entities.