Money laundering has become a hot topic for Barbados. Numerous academics and business experts have warned that unethical behavior is on the rise in the nation as more people are willing to take bribes and lie to regulators and regulators. People spend illegal money and obstruct the laws of the nation.
Now the Caribbean’s newest republic is taking steps to avoid the corruption that has hampered neighbors like Trinidad and Tobago. Mia Mottley and her cabinet have begun self-healing the disease in its early stages.
From December 5th, the new Barbados banknotes will be put into circulation. The new banknotes have a new design and are made of polymer, last longer in circulation and are harder to counterfeit. On that occasion, Octavia Gibson, Director of Monetary and Payments Supervision at the Central Bank of Barbados, said: “After more than two years of research and planning, we are very proud to issue the new Barbados banknotes.”
She also added: “From December 5th we will be issuing banknotes from the new series to commercial banks who will then make them available to their customers.” Gibson also reiterated that the Barbadians will still be in place after the new banknotes are put on the market will be able to use older notes. “As we transition from paper to polymer banknotes, the legacy banknotes will continue to be accepted as legal tender. Therefore, companies should continue to accept them.
The central bank announced in April that it would change the design of the banknotes. Since then, the Bank of Barbados, the sole issuer of Barbados’ national currency, has launched an awareness campaign to prepare the public for the change. But here comes an interesting fact.
An attack on corruption
For the ignorant, the banknotes are developed after a short research period. It has been announced that the new banknotes will undergo a general overhaul of design; The new banknotes would be made of polymer rather than the traditional cotton-based “paper” substrate. In May, the bank introduced the new designs, which have a vertical rather than horizontal layout, larger portraits, and a cleaner, more modern look. The banknotes also have raised markings to help the visually impaired distinguish between denominations.
These banknotes are more difficult to counterfeit as there are so many features that it would be a challenge. Polymer banknotes are more durable as they are harder to tear and more resistant to wrinkles and microorganisms. They also work better in ATMs and automated sorting operations. They are also twice as expensive to produce; They last 2.5 to 4 times longer than notes printed on a cotton-based substrate. Therefore, polymer notes are also difficult to counterfeit.
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More advanced than others
In addition, each new Barbados dollar note has a small broken trident in the upper right corner which, when held to the light, reveals the denomination as one of the security features. Under ultraviolet light, a second broken trident and highlighted verses of the national anthem come to life on the reverse.
A map of Barbados scrolls through the notes when arranged in order, with the $2, $5, and $10 bills at the top and the $20, $50, and $100 bills below.
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The prevalence of counterfeiting in Barbados is low even without the new banknotes. Just over 100 counterfeit notes were withdrawn in 2020 and fewer than 60 in 2021. However, Mottley appears to be reducing the incidents to zero.