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Message: <blockquote data-quote="Screw SL" data-source="post: 15434125" data-attributes="member: 455444">Sri Lanka warns against illegal forex trading                                            30 May, 2012             17:03:51                                   May 30, 2012 (LBO) – Sri Lanka’s  central bank has warned public against engaging in illegal foreign  exchange transactions, which promises to give higher returns.                      The monetary regulator said individuals and firms are  advertising their services in print, online and electronic media to lure  unsuspecting investors. “These agents.. often exhort, people to trade in foreign exchange,  depositing an initial investment in Sri Lanka rupees, with a company,  proprietorship concern or individual in Sri Lanka to be transferred  later into an online account or, payment through credit, debit or any  other electronic funds transfer card direct to an online account opened  in the name of the investor,” the Colombo-based bank said Wednesday. The bank said foreign exchange  transactions or remitting cash outside Sri Lanka, needs the prior  approval of the Exchange Control department. Those violating exchange control laws run the risk of being punished,  the bank said urging people to stay away from such schemes.  Forex trading is a high risk activity, often offered with high levels of  leverage, which can wipe out the entire amount 'invested' in a few  minutes.  Analysts say in the past illegal forex trading outfits have engaged in  fraudulent practices to hide losses and persuade unsuspecting customers  keep trading by selling contra positions instead cutting losses. ඔන්න තියනවා නීතිය.. </blockquote>

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