NASSAU, BAHAMAS: The Central Bank of The Bahamas has ordered businesses and individuals to immediately stop producing and selling unauthorized products featuring images or designs resembling Bahamian banknotes and coins, warning that offenders could face prosecution.
The regulator said it has observed an increase in entities and individuals “reproducing, producing, selling and distributing” items incorporating designs, images, symbols or other features bearing a likeness to Bahamian currency.
In a public notice, the Central Bank warned that using such imagery without its prior written approval is prohibited under the Central Bank of The Bahamas Act, 2020.
The warning could have implications for businesses and entrepreneurs producing souvenirs, collectibles, promotional materials and other merchandise incorporating Bahamian currency designs.
“The Central Bank hereby advises all persons currently engaged in the manufacture, reproduction, production, sale, distribution or promotion of unauthorised items bearing a likeness to Bahamian banknotes and coins to cease and desist such activities with immediate effect from the date of this publication,” the regulator said.
It warned that failure to comply could result in enforcement action, “including referral for prosecution where warranted”.
Section 10(3) of the Central Bank Act states: “No person other than the Bank shall issue in The Bahamas notes or coins or any documents or tokens having the appearance of notes or coins.”
The regulator also pointed to Section 14(1), which prohibits persons, without the Bank’s prior consent, from making, designing, engraving, printing, reproducing, using, issuing or publishing anything resembling a note, coin or electronic money issued by the Central Bank where it could be confused with the genuine currency.
The Central Bank encouraged businesses or individuals uncertain about whether a proposed product or design breaches the restrictions to contact the regulator at coins@centralbankbahamas.com and obtain written approval before moving ahead with production or sales.
The Bank also directed the public to its official Numismatic Coins page, where information on authentically produced Bahamian collector coins and authorised dealers is available.
The relevant legislation, including the Central Bank of The Bahamas Act, 2020, can also be accessed through the Bank’s Legal Framework page.
