SA on counterfeit notes alert

As the global event draws near, Sabric and the South African Police Service have set up an inter-bank foreign exchange and counterfeit currency work group to deal with such challenges.

"Counterfeit notes pose important strategic and operational risks for the South African Reserve Bank (Sarb) and the public," said Clive Crompton of the SA Reserve Bank.

Some retailers have begun to put in place ultra-violet lights in an effort to identify dye-stained or fake currency while security companies have put in place defensive mechanisms that allow notes in their possession to be stained.

Pillay said the industry was taking seriously the potential threat of the increased illegal circulation of counterfeit currency. “In the long term, failure to take decisive action to combat currency counterfeiting can lead to the erosion of public confidence in the SA currency, resulting in Sarb being exposed to reputational risk," Pillay said

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