NZ authorities not pursuing OneCoin investigation
New Zealand’s Commerce Commission has announced it will not proceed with an investigation into OneCoin.
The Financial Markets Authority was the first New Zealand regulator to issue a OneCoin warning back in 2018.
Sometime in 2019 New Zealand police filed a report with the Commerce Commission, detailing OneCoin related fraud.
The Commerce Commission is reported to have “looked into” OneCoin but decided to do nothing further.
That the regulator wouldn’t be pursing an investigation was only made public earlier this week.
The official stated reason for the Commerce Commissions’ inaction is
the scheme was no longer operational in New Zealand and there was likely to be little prospect of obtaining compensation for participants.
OneCoin was primarily promoted in New Zealand through the Samoan religious community.
This started as a way to circumvent a regulatory ban on OneCoin investment from within Samoa, before promotion inevitably spilled over into New Zealand’s Samoan church communities.
As of January 2020 three Samoan religious organizations are under investigation for suspected money laundering.
The investigations begun early last year and at the time of publication are ongoing.
Whether anyone will be held accountable for potentially millions of dollars in losses remains to be seen.
Update 17th February 2021 – Charities Service’s investigation into the Samoan Independent Seventh Day Adventist Church has confirmed OneCoin related fraud.
SISDAC has consequently been struck off New Zealand’s Charities Register.