By John Lee.
The Iraq Securities Commission (ISC) has warned citizens and investors against dealing with unlicensed companies and entities that promote investment services or opportunities without regulatory approval.
According to the ISC, some entities use trade names, websites, or social media pages to present themselves as authorised financial or investment institutions, and offer promises of high, rapid returns in order to attract funds. The ISC's chairman, Faisal al-Haimas (pictured), cautioned that investors should verify the legal status of any entity before depositing funds or entering into any investment activity.
Al-Haimas specifically warned against entities that request transfers to personal accounts or unknown electronic wallets, require upfront payments, or promise guaranteed and unrealistic returns. He urged investors to check with the relevant regulatory authorities regarding licensed companies before engaging with them, and to report any activity or advertisement suspected of conducting unlicensed investment or financial activities.
The ISC stated that it is continuing its regulatory and awareness efforts to limit unlawful practices and strengthen investor protection.
(Source: Iraq Securities Commission)
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