Benin toughens penalties for currency counterfeiting, with prison sentences of up to 20 years.
New legislation aims to combat counterfeit currency and boost trust.
Written by: Mohammed Omran
In a move aimed at protecting the monetary system and boosting confidence in the local currency, parliament approved Benin A new legislative reform toughens penalties for currency counterfeiting and the circulation of counterfeit banknotes, imposing fines and prison sentences of up to 20 years.
New legislation aims to combat counterfeit currency and boost trust.
It also increases penalties for traders and individuals who refuse to accept banknotes and coins issued by the Central Bank of West African States.
This includes those that have suffered minor damage but are still valid, and fines and prison sentences are set to be imposed on those who refuse legal tender or who charge exorbitant fees for its exchange.
Benin toughens penalties for currency counterfeiting, with prison sentences of up to 20 years.
The new law also stipulates prison sentences ranging from 10 to 20 years for people involved in counterfeiting or forging banknotes and coins.
In addition, they may be fined up to ten times the value of the confiscated currency, with a minimum of 20 million CFA francs ($35,550), and measures against the circulation of counterfeit banknotes have been tightened.
Anyone who knowingly transfers, possesses, imports, or puts counterfeit currency into circulation faces prison sentences ranging from five to seven years.
The chairman of the finance committee informed parliament that the bill is part of an update to penalties and takes into account new forms of financial crimes.
He said that this also aligns Benin's commitment with the West African Monetary Union's obligations and the directives of its central bank.
Officials hope this will end the delays in daily transactions and boost the smooth flow of payments and confidence in the CFA franc within the monetary union.
The law comes as part of the authorities’ efforts to combat modern financial crimes and ensure the smooth flow of daily transactions within the West African Monetary Union.
