Forged cash still circulating as CIMA plans new issue

| 16/03/2011

(CNS): The Cayman Islands Monetary Authority is warning that counterfeit Cayman cash is still circulating on the islands and asks people to remain vigilant as it says it cannot compensate people who come in possession of forged notes. Circulation of forged notes is still the concern of the Financial Crime Unit (FCU) and CIMA says it is mainly CI$50, CI$25 and CI$10 notes that officers say are being used. Both CIMA and the RCIPS urge residents and business owners to follow the proper procedures to report suspicious notes. The warning comes on the eve of the introduction by CIMA of a newly redesigned family of local banknotes that are expected to be in circulation during the first week of April.

In the meantime, the FCU is urging business owners not to rely on counterfeit detection pens for spotting forged Cayman Islands banknotes – new or old. One quick and discreet way to check if a note is genuine is to keep a wet sponge handy and discreetly rub your wet fingers on the note. If the ink smudges then the note is forged, the FCU stated.

“People should look at the notes more critically and be aware of other security features, including the turtle and letters ‘CIMA’ which appear as watermarks,” said Detective Sgt. Michael Montaque. "The current forged notes in circulation do have the metallic strip which makes the notes appear genuine, further reinforcing a thorough review of suspicious notes.”

With the new notes about to come into circulation CIMA and the Chamber of Commerce have partnered to provide free information sessions and training for retailers on the island on Monday, 28 March, and Wednesday, 30 March. Entitled "Know Your Money", each session is two and a half hours and will be offered twice daily – a morning session will run from 9:30 am – 12:00 noon, and afternoon session from 1:30 pm – 4:00 pm. All sessions will take place at the Chamber of Commerce & Visitors Centre, Governors Square.

Print Friendly, PDF & Email

Category: Local News

Comments (4)

Trackback URL | Comments RSS Feed

  1. noname says:

    Yeah, but do they know how many brother Ellio has?

  2. Anon says:

    Didn’t CIMA say that if anyone brought in fake notes that they had found that they wouldn’tbe reimbursed? This means that if people find one, they aren’t going to turn it in. They are going to pass it just like it was passed to them.

    • Anonymous says:

      Exactly right. Noone wants to end up holding the baby, so they are not going to report it if they cannot be reimbursed for it. You’re going to pass on the note. If you got the note in change legitamately, why should you suffer for it? Not everyone can be out of pocket by $50 or more.

      Silly policy by CIMA means less reporting of the crime and more intent on passing the buck…literally…to the next person.

      • Truthseeker says:

        Whereas I sympathise with someone left "holding the bag" with a countrfeit note, the alternative is an easy way for the criminals to exchange their fraudulent goods for legitimate ones. If you think this is a stupid Cayman policy, would you kindly inform me of any country in the world where citizens can exchange counterfeit notes for real money?