Business / Economy
'Fake dollar notes volume worrisome,' say Gono
04 Feb 2013 at 01:49hrs | Views
THE Reserve Bank of Zimbabwe (RBZ) has urged retailers and the public to be wary of fake United States dollars and South African rand notes circulating in major cities, including Bulawayo.
In his monetary policy statement last week, RBZ governor Dr Gideon Gono said the proliferation of counterfeit notes had gathered pace in a worrisome manner throughout the country since the introduction of the multiple currency system.
"In this regard, we urge the transacting public and retailers alike, to be on the constant lookout for fake notes.
"Against this background, there is need for the general public to familiarise themselves, with the security features of all the currencies presently accepted as media of exchange in Zimbabwe."
Dr Gono said corporates and retailers should acquire the requisite technology that assists in note detection.
"As monetary authorities, we sternly warn those who are in this illegal business of printing fake notes that the long arm of the law will definitely catch up with them.
"The circulation of fake notes affects business transactions as the acceptability of higher denominations becomes compromised," he said.
Dr Gono said the RBZ would not tolerate money laundering as Zimbabwe was signatory to international conventions against such practices including the United Nations Convention on Suppression of Financing of Terrorism (1999) and the Convention against Transnational Organised Crime.
"The general public is warned against undertaking suspicious transactions that are in direct violation of the above mentioned international and domestic legislative provisions.
"We acknowledge that all conventions have been signed and that the country is compliant with all anti-money laundering and financing terrorism," he said.
In Zimbabwe, legislation that governs legitimacy of money and its use include the Bank Use Promotion and Suppression of Money Laundering Act, the Serious Offences (Confiscation of Profits) Act and the Suppression of Foreign and International Terrorism Act.
In his monetary policy statement last week, RBZ governor Dr Gideon Gono said the proliferation of counterfeit notes had gathered pace in a worrisome manner throughout the country since the introduction of the multiple currency system.
"In this regard, we urge the transacting public and retailers alike, to be on the constant lookout for fake notes.
"Against this background, there is need for the general public to familiarise themselves, with the security features of all the currencies presently accepted as media of exchange in Zimbabwe."
Dr Gono said corporates and retailers should acquire the requisite technology that assists in note detection.
"The circulation of fake notes affects business transactions as the acceptability of higher denominations becomes compromised," he said.
Dr Gono said the RBZ would not tolerate money laundering as Zimbabwe was signatory to international conventions against such practices including the United Nations Convention on Suppression of Financing of Terrorism (1999) and the Convention against Transnational Organised Crime.
"The general public is warned against undertaking suspicious transactions that are in direct violation of the above mentioned international and domestic legislative provisions.
"We acknowledge that all conventions have been signed and that the country is compliant with all anti-money laundering and financing terrorism," he said.
In Zimbabwe, legislation that governs legitimacy of money and its use include the Bank Use Promotion and Suppression of Money Laundering Act, the Serious Offences (Confiscation of Profits) Act and the Suppression of Foreign and International Terrorism Act.
Source - TC
