Oumolat Becomes 1st BnEI Member from the Middle East

The Banknote Ethics Initiative (BnEI), which is 10 years old this year, now has 15 members after Oumolat Security Printing LLC was formally accredited by the BnEI Accreditation Council. Oumolat, based in Abu Dhabi and opened in 2016, becomes the first BnEI member from the Middle East.

‘We have the intention to grow our business in banknote printing and other security printing-related products and services globally. Therefore, we are very proud to achieve this BnEI accreditation to prove to our current and future customers that anti-corruption, policies against corruption, bribery and general non-compliance with legal norms are of the highest importance for us and the industry. We are committed to the most demanding standards of transparency and good governance’, said Martin Wenzel, the General Manager of Oumolat Security Printing.

Oumolat joins Canadian Bank Note Company, CCL Secure, Crane Currency, De La Rue, FNMT, G+D Currency Technology, Gleitsmann Security Inks, Koenig & Bauer Banknote Solutions, Luminescence Sun Chemical Security, Note Printing Australia, Orell Füssli, SICPA, South African Banknote Company and SURYS, which were earlier accredited after having completed the rigorous audits undertaken by either GoodCorporation or KPMG Brussels.

The BnEI Accreditation Council includes Philippa Foster Back CBE, Chair of the BnEI Accreditation Council and former Director of the Institute of Business Ethics in London; Lorna Thomas, former Deputy Chief of Currency at the Bank of Canada; and Josef Wieland, Director of Leadership Excellence at the Zeppelin University in Germany.

Welcoming the latest member, Antti Heinonen, BnEI Chairman, said: ‘we are proud that BnEI has extended its membership to the Middle East in Asia. BnEI accredited companies now have a presence in all continents, and we encourage central banks to give their support to this positive development, requiring BnEI accreditation or equivalent in their banknote related procurement. Central banks from all continents have expressed their support to the overall objectives of BnEI, signalling the commitment of the banknote community to the prevention of corruption and compliance with anti-trust law.’ 

The BnEI was launched at the Currency Conference in Athens in May 2013 to provide guidance on ethical business practice, with a focus on the prevention of corruption and compliance with anti-trust legislation within the banknote industry.

BnEI members must adhere to a strict Code of Ethical Business Practice. All the organisations that have signed this Code must become accredited after passing an audit that is carried out by a third-party auditor, either GoodCorporation or KPMG Brussels.