In Russia, amendments to the law “On Consumer Cooperation” came into force, which prohibits entities not supervised by the Bank of Russia from withdrawing funds from individuals as investments. This was reported by “Russian newspaper”..
According to the publication, the lack of financial institution status did not previously limit the withdrawal of money or property from Russians. This was exploited by scammers who lured savings under the guise of “profitable” investments.
Sergei Ivanov, an expert at the Association for the Development of Financial Literacy (ARFG), said that the new law allows advertising of financial pyramids under the guise of credit consumer cooperatives to be classified as unreliable.
“We need to convey to people a simple truth: before entrusting money to an organization, you need to check whether it is registered with the Central Bank of Russia. If there is no license, people will not react, and the supervisory authorities will have grounds for inspection,” he said.
ARFG Director General Veniamin Kaganov explained that financial pyramids often disguise themselves as consumer credit cooperatives. “The prohibition of consumer societies from collecting funds from non-shareholders will not lead to the loss of profits of such organizations. Citizens still have a mechanism for purchasing shares. And advertising pyramids under the guise of the CCP becomes unreliable,” he emphasized.
At the end of July, the lawyer explained What should you do if scammers borrow money from you?
Russians before in the name risky investment options.
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Source: Gazeta
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