The issuance of dud or “bounced” cheques is on the increas e in Mali, as the country’s banking authorities issued 801 warnings to issuers o f such illegal cheques in 2010 against the 758 incidents in 2009, sources close t o the Central Bank of West African States (BCEAO), told PANA here Tuesday.
According to the sources, these statistics are, however, insignificant in view o f the growing pace of banking in Mali.
It deplored the lack of judicial sanctions against the perpetrators of such viol ation, despite proven cases of fraudulent payment incidents in Mali and other me m ber countries of BCEAO.
BCEAO-Mali Agency launched the new version of the Payment Incident Unit (CIP) wh ich helps centralize and disseminate information on cases that crop up during pa y ment of cheques, banking cards, promissory orders and letters of exchange.
It will also enable the Central Bank to track the perpetrators in the eight memb er states of the West African Economic and Monetary Union (UEMOA), comprised of M ali, Benin, Burkina, Cote d’Ivoire, Guinea Bissau, Niger, Senegal and Togo.
A five-year maximum sentence is the punishment for perpetrators of violations re lated to cheques, banking cards and electronic payment devices.