NASSAU, Bahamas – The Central Bank of The Bahamas says it has observed an increase in the number of entities and individuals reproducing, producing, selling and distributing items incorporating designs, images, symbols or other features that resemble or bear a likeness to banknotes and coins issued by the Central Bank as legal tender in The Bahamas.
The Central Bank said it is advising all persons currently engaged in such activities ‘to cease and desist such activities with immediate effect.
“The Central Bank will take all appropriate enforcement actions in respect of persons who fail to comply with the requirements of the Act, including referral for prosecution where warranted, without prejudice to any other rights, power or remedies available to the Central Bank under the Act or any other applicable law.”
The Central Bank said it is reminding the public that those engaged in the illegal activities without obtaining the Central Bank’s prior written approval is prohibited under the Central Bank of The Bahamas Act, 2020.
It said that the legislation explicitly provides that 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.
Further, the Act also provide that no person shall, without the prior consent of the Bank, make, design, engrave, print, reproduce, use, issue, or publish any article or thing resembling or having a likeness to a note, coin or any electronic money issued by the Bank as to be likely to be confused with or mistaken for such note, coin or electronic money.
“Persons who are uncertain whether a proposed item, design or activity falls within the scope of these requirements are encouraged to immediately contact the Central Bank… and obtain the Central Bank’s written approval before proceeding with any further productions or sales.”.
