Thursday, 3 November 2016

OneCoin - MAS responded to my report

I just received a response from the Monetary Authority of Singapore (MAS) concerning my reports about the bank accounts of OneCoin's shell companies.

As I assumed OneCoin being on MAS' Investor Alert List doesn't necessary have any affect on its bank accounts:
"As you have rightly noted, OneCoin has been placed on MAS’ Investor Alert List (IAL). The IAL is a non-exhaustive list of unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or authorised by MAS. Such persons include those who are conducting regulated activities without authorisation, or persons who do not conduct regulated financial services, but have been mistaken by the public to be regulated by MAS. The fact that a company is listed on the IAL does not necessarily mean that it has breached any of MAS’ regulations. However, investors should bear in mind that these persons have had a past record of being wrongly perceived by others as being licensed by the MAS and should exercise caution when dealing with them."

What comes to laundering money MAS is now monitoring that United Overseas Bank looks into the matter:
"MAS takes a serious view of the issues you have raised against United Overseas Bank (UOB). To prevent money laundering and counter the financing of terrorism, MAS requires financial institutions (FIs) to have in place appropriate customer due diligence policies and rigorous account opening procedures. While the detailed procedures for doing so are not prescribed by MAS, FIs are responsible for ensuring that their procedures are robust. Our approach is to first accord UOB an opportunity to look into the matter and provide you with an explanation. Hence, we have forwarded your feedback, including your contact details, to the bank for its review. MAS will monitor the bank’s response to you and follow up directly with the bank should there be any matters of supervisory concern."

In addition I got contact details to the Singapore Police Force as well as to the United Overseas Bank. Nice to see that the Singaporean authorities are alert and take these things seriously.


  1. Italian market protection authorities prudentially shutting down Onecoin in Italy.

    Several of the top Italian Onecoin promoters have received lengthy letters from the Italian "Autorità Garante della Concorrenza e del Mercato" (Italian Anti-Trust and Market protection Authority).

    In these letters:

    - it is stated that there are reasonable elements to declare Onecoin a Ponzi deceitful Scheme ("schema piramidale", as the Italian law calls it)

    - under threat of heavy fines, promoters are required to provide the Authority with a huge lot of information and documents (total number of sales, total amount of sales, contractsd, invoices etc). (This will also be interesting to investigate tax avoidance claims)

    - the Authority also requests in detail the "informative packets" purportedly being sold to Members (if the informative packets are rubbish, it's clearer that the amounts are being paid for the Ponzi business, not for any real sale)


    The exact excerpt from the letter:

    Sulla base degli elementi agli atti sussistono i presupposti perché l'Autorità deliberi, ai sensi dell'art. 27 comma 3 del Codice del Consumo (Decreto 6 settembre 2005, n. 206) la sospensione provvisioria della pratica commerciale.

    Translates to: Based on elements already in our possession, the conditions are satisfied for the Authority to decide the temporary suspension of the commercial activity, according to art 27 comma 3 of the Comsuner's Protection code (Decree 206 of sep 6th 2005)

    Essentially, what they say is "give us all these documents, but even without them we are confident enough to say that you have to stop selling Onecoin, because at first glance is seems a deceitful Ponzi. If - from your documents - we'll see otherwise, you might start selling again.

    We don't know how many of the promoters have received these letters (it seems a good part Onecoin-related sites have received it)

    Also, in these days, several sites of Onecoin promoters are down. While this is not directly required in the letter, it probably derives from the order of stopping the promotion and sale of Onecoin

    Italian article here:

    truffacoin[dot]com / onecoin-sotto-inchiesta

    1. Thanks for the information!

      Nice to notice that there are also some Italian ponzi antagonists fighting the good fight.


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