Central Bank of The Bahamas warns against unauthorized reproduction of banknotes and coins
Key Points(5)
- The Central Bank of The Bahamas is warning individuals and businesses against reproducing, selling or distributing items that resemble Bahamian banknotes and coins without prior approval.
- In a public notice published Monday, the Central Bank said it has observed an increase in the number of entities and individuals producing, selling and distributing items incorporating designs, images, symbols or other features resembling currency issued by the Central Bank as legal tender.
- The bank said such activities are prohibited under the Central Bank of The Bahamas Act, 2020, unless prior written approval has been obtained.
- The Central Bank is now directing anyone involved in the manufacture, reproduction, production, sale, distribution or promotion of unauthorized items bearing a likeness to Bahamian currency to cease and desist immediately.
- The bank warned that it will take enforcement action against anyone who fails to comply with the law, including referring cases for prosecution where warranted.
The Central Bank of The Bahamas is warning individuals and businesses against reproducing, selling or distributing items that resemble Bahamian banknotes and coins without prior approval.
In a public notice published Monday, the Central Bank said it has observed an increase in the number of entities and individuals producing, selling and distributing items incorporating designs, images, symbols or other features resembling currency issued by the Central Bank as legal tender.
The bank said such activities are prohibited under the Central Bank of The Bahamas Act, 2020, unless prior written approval has been obtained.
Section 10(3) of the Act states: “No person other than the Bank shall issue in The Bahamas notes or coins or any documents or tokens having the appearance of notes or coins.”
Section 14(1) further prohibits anyone from, without the Central Bank’s prior consent, making, designing, engraving, printing, reproducing, using, issuing or publishing an article or item resembling a Bahamian banknote, coin or electronic money in a manner likely to cause it to be confused with or mistaken for official currency.
The Central Bank is now directing anyone involved in the manufacture, reproduction, production, sale, distribution or promotion of unauthorized items bearing a likeness to Bahamian currency to cease and desist immediately.
The bank warned that it will take enforcement action against anyone who fails to comply with the law, including referring cases for prosecution where warranted.
Such action would be taken without prejudice to any other rights, powers or remedies available to the Central Bank under the 2020 Act or other applicable laws.
The Central Bank also urged individuals and businesses that are unsure whether a proposed item, design or activity falls within the restrictions to seek written approval before proceeding with production or sales.
The bank said inquiries can be directed to its currency department before any further production or distribution takes place.
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