• Spotlight: Cyprus, the treasure island

Share

May 26, 2021The commission of inquiry on banks and finance lights up a beacon on the phenomena of financial illegalism denounced by the investigation of Rainews24

"Spotlight - Treasure island - pirates and privateers of online trading"



For some time now, the classic online scams have been accompanied by an equally insidious and worrying phenomenon, namely the activity of platforms authorized to operate in the European Union by casual jurisdictions, for example Cyprus and Malta which adopt behaviors very similar to those of scammers. . Thousands of savers are involved. 



The European passport protects these entities from Consob supervision, which can only intervene after having ascertained the inaction of the foreign authorities. In short, years pass before an abusive operator is put in a position not to harm. 



"A topic of the highest interest, especially in light of the scams that occur with these new methods which then became radicalized with the COVID emergency" declared the president of the commission Carla Ruocco. Maria Antonietta Scopelliti, general secretary of Consob, was called to respond at the hearing, admitting the existence of the problem, the difficulty in addressing it from a national perspective and communicated that the issue is already the subject of a profound revision of the community legislation.



While waiting for all this to mature, an initiative that can be taken immediately is to act on advertising, he explained. For example, banning the promises of guaranteed stratospheric returns or outright banning advertising on the network and any form of sponsorship of platforms, as is already the case in France and very recently also in Spain. “These highly speculative financial instruments must not be associated with mass demonstrations involving a large public. It is right to think seriously about it ”concluded Carla Ruocco.



It's about the Spotlight episode