Benin strengthen laws to combat production of fake bank notes

Lawmakers in Benin have unanimously adopted a reform which strengthens the fight against fake banknotes.

It also increases penalties against traders and individuals refusing to accept notes and coins issued by the Central Bank of West African States.

This includes those that are slightly damaged but still valid.

Fines and prison sentences are planned for those who refuse legal tender or who apply excessive fees to exchange them.

The new law also provides for prison sentences of 10 to 20 years for people involved in the counterfeiting or falsification of banknotes and coins.

In addition, they may be fined up to ten times the value of the seized currency, with a minimum of 20 million CFA francs ($35,550).

The crackdown on the circulation of fake banknotes has also been strengthened.

Anyone who knowingly transports, possesses, imports, or puts counterfeit currency into circulation now face prison sentences ranging from five to seven years.

The president of the Finance Committee told parliament the bill was part of a modernisation of sanctions and to take into account new forms of financial crime.

He said it also harmonises Benin’s commitment in line with those of the West African Monetary Union and its central bank guidelines.

Officials hope this will end delays in daily transactions and strengthen the fluidity of payment and confidence in the CFA France within the monetary union.