Unforgeable: BEAC’s Latest Banknotes Launched in 2022, Claims Yvon Sana Bangui
The Bank of Central African States (BEAC) has indeed made a significant stride in the fight against counterfeiting with the introduction of its new range of banknotes in 2022. These banknotes, described as “unforgeable” by Yvon Sana Bangui, represent a leap forward in securing the financial transactions within the six countries of the Economic Community of Central Africa (CEMAC).
The new banknotes boast advanced security features that set a higher standard for authenticity and resilience against forgery. The BEAC has utilized cutting-edge technology to stay ahead of counterfeiters, ensuring that these modern banknotes are difficult to replicate. The “TRI” method—Touch, Look, Tilt—is recommended by the BEAC as a simple yet effective way to verify the authenticity of these banknotes, which are more compact and modern compared to their predecessors.
This development is not just a technical achievement but also a testament to the BEAC’s commitment to enhancing the quality of cash circulation in the region. The new “type 2020” banknotes were put into circulation following a decision by the Ministerial Committee of the Central African Monetary Union (UMAC), reflecting a coordinated effort to bolster the economic stability of the member states.
The introduction of these banknotes is a clear message to counterfeiters that the BEAC is vigilant and proactive in safeguarding the region’s monetary system. It also serves as a reminder to the public to remain alert and informed about the security features of their currency. As the BEAC governor has emphasized, vigilance is key in distinguishing genuine banknotes from counterfeit ones.
The unforgeable range of BEAC banknotes is a significant step in ensuring the integrity of the financial system in Central Africa, and it highlights the importance of continuous innovation in the realm of currency security. The BEAC’s efforts are commendable and set an example for other central banks aiming to protect their currencies from the threats of counterfeiting.
On May 7 and 13, 2024, two senior executives of the Beac agency in Ebebiyin, Equatorial Guinea, were arrested for their alleged involvement in counterfeit money trafficking. In an interview with EcoMatin, the governor of Beac, Yvon Sana Bangui, gives details on this case.
Mr. Governor, a senior BEAC official is involved in a scandal involving the manufacture and circulation of counterfeit currency in Equatorial Guinea. Are you aware of this case? If so, how do you react to the announcement of such a case?
Let me first thank you and all your colleagues in the sub-region for the media support the Central Bank enjoys in carrying out its missions. To return to your question, we are well aware of the arrests of the Director of the Beac Agency in Ebebiyin and the Head of the Monetary Issuance Service of this center, which occurred respectively on May 7 and 13, 2024. Since these dates, they have been detained by the police authorities. They are accused of alleged involvement in counterfeit banknote trafficking, in complicity with military and police figures stationed in both Cameroon and Equatorial Guinea. Beac is cooperating with the Equatorial Guinea authorities to shed full light on this matter.
Is it fair to say that the new range of banknotes is not as secure as the central bank likes to say?
The new range of banknotes put into circulation on December 15, 2022 benefits from the latest technologies in visible and invisible security features, in order to make them virtually unforgeable. For visible features, these include holograms, micro-prints, security threads, inks with colors varying according to the angle of incidence of light, intaglio printing, etc., which make it possible to authenticate the banknotes.
It should also be noted that counterfeiters always take advantage of the launch of a new range of notes to introduce fake denominations, because during this period, some users do not yet master all the characteristics of the security features that allow them to recognize an authentic note with certainty.
The new range of banknotes put into circulation on December 15, 2022 benefits from the latest technologies in terms of visible and invisible security features, in order to make them virtually unforgeable.
Generally, counterfeiters choose remote towns or villages in border regions, where populations are poorly educated and informed, to introduce counterfeit notes. In this way, counterfeits can end up in the normal economic circuit via weekly markets, local shops, etc. Moreover, the analysis of counterfeit notes seized in some countries of the sub-region has shown that they are crude, artisanal imitations through photocopies or color prints. To date, the quantities seized represent a tiny proportion of the authentic notes in circulation.
The said official, Head of the Beac Agency in Ebebiyin, is in detention on the orders of the Equatorial Guinean authorities. Have any precautionary measures been taken at the level of the Government of the Central Bank in this case?
Obviously, the Bank’s government immediately took a number of measures to ensure the continuity of the Agency’s activity and to allow banks and public accountants to carry out their current operations related to the deposits and withdrawals of banknotes and coins as well as transfers and transfers of funds. In addition, the Beac has ordered a control mission within this Agency. Internal investigations have not revealed any embezzlement or irregularity affecting the Central Bank’s cash.
Is this scandal not likely to tarnish the Beac? In other words, to what extent does this affair not engage the responsibility of the issuing institute?
We cannot deny that this situation could have a negative impact on the image and credibility of the Beac. Investigations are underway by the judicial authorities and their conclusions will determine responsibilities.
Internal investigations have not revealed any wrongdoing or irregularities affecting the Central Bank’s cash reserves.
However, the answers we give here are intended to allow the population and public opinion to understand that the Central Bank is using all possible means to prevent the proliferation of counterfeit notes.
Finally, how does a Beac agency work?
A Beac agency operates like any other branch. It is subject to the Bank’s entire decision-making and control system (audit, internal control, etc.). All incidents and risks likely to affect its proper functioning are systematically identified and brought to the attention of the Bank’s Government.
