BoN dismisses N.dollars 3.5 billion cash in container

06 Jan 2017 18:40pm
WINDHOEK, 06 JAN (NAMPA) – The Bank of Namibia (BoN) dismissed the allegation that N.dollars 3.5 billion cash was found in a container in Ondangwa last year December while Police were investigating money laundering and tax evasion to that amount.
“This information is wrong and not supported by facts,” BoN Governor Ipumbu Shiimi said in a statement on Friday.
The Windhoek Magistrate’s Court is dealing with a case in which three men, two Chinese and one Namibian, are charged with fraud, money laundering and tax evasion to that amount.
Shiimi said the claim of Police finding that amount stashed in cash in a container is false.
“As far as can be established, the Namibian Police did not find any money hoarded by the suspects when they were arrested as is alleged in some media reports,” he stressed.
Shiimi also dismissed the allegation circulating on social media that the Namibian currency is reportedly printed in China and repatriated.
He said allegations that such counterfeited banknotes are exchanged with the United States (US) dollars are unsubstantiated by any fact.
The BoN Governor said, although some incidents of counterfeiting were noted in Namibia from time to time, these occurrences are negligible and do not occur at the claimed scale.
He noted that in 2016 only 277 banknotes were detected as counterfeits, representing a value of N.dollars 45, 270, which is a reduction from the 465 counterfeit banknotes detected in 2015.
As at 31 December 2015, Shiimi said the ratio of counterfeits per million in respect of the Namibian Dollar stood at nine pieces, which was below the international benchmark of 70 banknotes per million.
He stressed the BoN employs an effective and robust detection regime and trains retailers, law enforcement agencies and the general public to detect counterfeits at source.
“BoN wishes to re-assure our esteemed stakeholders and the general public that the Namibian currency is of an exceptional quality and is designed to exceed international security standards that will render it near impossible to reproduce hundred per cent,” he said.