GCC Secretary General Supports Saudi Arabia's Foreign Ministry Statement, Regarding Report Submitted to Congress About Killing of Saudi Citizen Jamal Khashoggi    UAE, Gulf allies support Saudi Arabian statement on Khashoggi case    338 New Confirmed Covid-19 Cases, 320 Recoveries Reported, in Saudi Arabia    Global coronavirus caseload reaches 114 million    Wall Street Closing    24% reduced demand for gasoline during the curfew    Saudi Press: Saudi Arabia Plays Vital Role in Maintaining Security and Stability in Middle East Region    Myanmar envoy to UN warns democratic processes have been ‘pushed aside'    Pandemic pushing people ‘even further behind', UN rights chief warns    Weather Forecast for Saturday    Emerging digital solutions for life after COVID is likely to be worth over $3 trillion by 2025: UNCATD    Dutch De Vries Wins Inaugural Round of Formula E Diriyah Competitions 2021    Arab Coalition forces destroy ballistic missile targeting southern Saudi Arabia    Saudi Arabia categorically rejects US report on murder of Jamal Khashoggi    Coalition to Restore Legitimacy in Yemen: Interception, Destruction of Ballistic Missile Launched by Terrorist, Iran-Backed Houthi Militia Toward the Kingdom    Mercedes' De Vries wins Forumla E's first night race in Diriyah    HRH Crown Prince Receives Phone Call from Emir of State of Kuwait    Crown Prince receives phone call from Iraqi PM    KSU Medical City Participates with Medical Center to Ensure Safety of Formula E Participants    SAMI Concludes Its Participation in IDEX 2021, with Key Strategic Partnerships    Dubai's landmarks light up in colors of Kuwait flag in celebration of its 60th National Day    UN Security Council Condemns Houthis Attacks on Saudi Arabia    KAUST solar desalination technology MEDAD wins MEED Sustainability Medal 2020    King Salman discusses bilateral ties, Iranian threats in call with US president    CEO of Formula E highlights strong partnership with Saudi Arabia    Inaugural Red Sea International Film Festival to take place in November    CEO of Formula E Highlights Strong Partnership with Saudi Arabia    Saudi Stock Exchange Main Index Ends Trading Higher, at 9,194.92 Points    Researchers find worrying new coronavirus variant in New York City    National Debt Management Center Issues Sovereign Bonds in Euro with Negative Return    CEO of Quality of Life Program: by hosting Formula E, Saudi Arabia confirms that it is a global center for major sports    Investigators release preliminary findings on the United Airlines flight engine failure    Saudi Arabia to Host Formula E    Focusing a lens on courage, despair and hope    World's longest painting created in Dubai to raise 110mn dirhams for coronavirus-hit kids    Meghan and Prince Harry expecting second child    Film Commission Launches 28 Cinematic Projects for Winners of Daw' Film Competition    SASCA in Dammam Sets a Deadline for Receiving Participations in International Video Art Forum    Saudi Film Commission Opens Registration Doors for Digital Filmmakers' Program    Saudi Arabia Names " Scales" Film to Represent it in Oscars    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Court facilitates young woman's marriage after stripping father's guardianship    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    S. P. Bala, legendary Indian singer, dead at 74    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Special Governmental Committee for Awareness Against Unauthorized Forex Activities Warns: Dealing in Unauthorized Foreign Securities' Activities is Fraudulent
Published in Saudi Press Agency on 01 - 05 - 2018

The special governmental committee for awareness on dealing in unauthorized securities activities in the foreign exchange market (Forex) - formed by a royal order - started to convene periodic meetings to develop a broad awareness campaign to warn against such activities, a statement from the Capital Market Authority (CMA) said.
The committee is headed by CMA and includes representatives of the Ministry of Interior, Ministry of Culture and Information, Ministry of Commerce and Investment, and The Saudi Arabian Monetary Authority (SAMA). The committee's establishment is due to the widespread of Forex activities, which is a modern method that exploits the lack of knowledge of a large number of dealers in the rules and regulations of the financial market. Forex activities also exploit the desire of many in the public to fast earnings without being aware of associated risk with such dealings.
According to the Royal Order to establish the committee, its tasks will include coordinating with related governmental bodies to face this activity and curb its spread. The governmental bodies include: the Technical and Vocational Training Corporation, General Entertainment Authority, General Sports Authority, and the Saudi Exhibition & Convention Bureau. The committee also seeks to coordinate with specialized governmental bodies to curb the spread of this phenomenon by not authorizing any websites or companies that work in such activities and not allowing them to advertise or sponsor any events in the Kingdom.
The committee stressed that the public should be cautious about the risks associated with investing, participating, dealing in any amount and in any securities activities or foreign currencies with any persons, companies, corporations, institutions or websites (including social media) without confirming they are legal entities and have the necessary authorization and legal documentation, licenses and approvals from the relevant authorities in the Kingdom of Saudi Arabia to exercise such transactions or activities.
Moreover, the committee warned the public and those dealing in securities from the risk of dealing with suspicious websites that could involve illegal activities and promote investing opportunities and the promise of quick financial profit and fortune through the internet and social media or direct phone calls. This could expose clients to fraud and material losses.
The committee urges anyone who has been contacted by persons marketing such activities to report them to SAMA or CMA via their official websites.
Lists of persons and licensees provided by governmental bodies related to investing in the financial sector are available on their official websites. These lists should be the base for any person who wants to invest in securities business as they are supervised by regulating entities in the Kingdom.

Clic here to read the story from its source.