Securency, the Reserve Bank of Australia subsidiary that sells Australia’s polymer note currency system to the world has seen the RBA raided as part of an international investegation into alleged corruption and bribery involving Securency.
Reserve Bank offices in Melbourne were raided overnight as part of an international police investigation that also involved raids in Britain, Spain and several other international locations as police sought information pertaining to corruption and bribery involving Securency, according to the SMH.
Securency is alleged to have doled out over $40 million through global commission agents in an attempt to convince certain Asian and African banking officials to replace their paper notes.
“The accusations surrounding Securency are not new and there have been several cases recently where Australian business has been embroiled in corrupt misconduct and illegal dealings. says Matthew Tukaki, CEO of SansGov.
The Australian Government and opposition are currently under heavy pressure to launch an inquiry into Securency.
Securency International specialises in polymer substrate technology that reduces the rate of banknote forgery and gives banknotes an extended circulation due to increased durability, five times that of paper notes. Securency’s first export was to Papua New Guinea. Since then, the company has established a sound reputation in the Asia-Pacific region. Lately, the exporter has taken advantage of high volume opportunities in places like Vietnam, Romania, and Mexico. Their first overseas plant, Securency Mexico, is expected to begin operation in 2009, to add to more than 12 billion polymer banknotes now in circulation around the world. Export accounts for 95 percent of their business.