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V14 2011 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 14, Number 12, March 20, 2011, Article 23

BANK OF CANADA SWITCHING TO POLYMER NOTES

I ran out of time to include anything in last week's issue on the Bank of Canada's announcement that it would be moving to polymer. Here's an article published this week by the Montreal Gazette. -Editor

MARKETS-CANADA/DOLLAR-BONDS The Australian company chosen to help make this country's new plastic-based currency is embroiled in an international scandal that includes allegations of million-dollar kickbacks and even of offering a prostitute to one client.

However, the Bank of Canada said that while it's aware of the allegations against Securency International, they won't delay this November's release of the new Canadian currency.

"The bank is fully aware of the allegations related to past business practices of Securency International," said Bank of Canada spokeswoman Julie Girard in an email to Postmedia News.

Securency International, a company started and partially owned by the Reserve Bank of Australia, that country's central bank, has been tapped to provide the material a non-porous, plastic film that makes counterfeiting extremely difficult and bills more durable for the new Canadian currency.

Last week, the Bank of Canada announced it is introducing new $100 bank notes, printed on the special polymer base, starting in November, with new $50 bills to follow next March.

Securency, however, has been the subject of an investigation by the Australian Federal Police and the British Serious Fraud Office into allegations that agents employed by the company paid millions of dollars in kickbacks to government officials in countries such as Malaysia, Vietnam and Nigeria to encourage them to use their product.

To read the complete article, see: Currency firm picked by Bank of Canada embroiled in bribery scandal (www.montrealgazette.com/business/Currency+firm+
picked+Bank+Canada+embroiled+bribery+scandal/4444060/story.html)

Wayne Homren, Editor

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