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Fiji Time: 10:44 PM on Tuesday 29 July

/ Front page / Business

Stringent security

Ropate Valemei
Monday, December 17, 2012

FIJI'S currency has world standard security features that make it difficult for criminals to reproduce or counterfeit despite about $100million being laundered annually through financial systems.

In light of the recent launch of the country's new flora and fauna bank notes and coins, Fiji Financial Intelligence Unit (FIU) director Razim Buksh said Fiji had low levels of counterfeit cases.

"The cases reported on counterfeit currencies were usually done by petty criminals or otherwise referred to as casual counterfeit cases that did not involve organised criminal syndicates or use of commercial printing outlets for bulk counterfeiting," Mr Buksh said.

"This amount ($100m) includes financial transactions suspected to be involved in fraud, proceeds of crime and tax evasion."

He said the amount involved in local banknote counterfeit transactions was negligible. Mr Buksh said key security features in the new currency were expected to further mitigate and reduce counterfeiting risks in Fiji. Those features include:

* The use of watermark in the $10, $20, $50 and $100 notes;

* A see-through feature that matches a white circle on the front of the notes with patterned graphic at the back of the note;

* The use of metallic security thread;

* Hidden "FIJI" text on the $10, $20, $50 and $100 notes;

* The use of a foil on the $10 notes and an hologram on $20 notes;

* The $100 notes have additional security features of a colour changing thread and an holographic stripes; and

* The $10, $20, $50 and $100 notes have a raised intaglio bars and a raised printing.

Mr Buksh said the enhanced security features would certainly serve as a deterrent for counterfeit and fraud.

"Criminals may capitalise on the use of latest technology to reproduce our currency notes, however, our banknotes have some very strong securities that would be difficult to replicate or reproduce."

He said some of the security features were easily identifiable and therefore any ordinary person would be able to easily distinguish a counterfeit note from the genuine one.


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