US and Cayman counterfeit cash in circulation

(CNS): The Financial Crime Unit of the RCIPS and CIMA is warning businesses to be on their guard after both local and US forged cash has surfaced again in Grand Cayman over the last few weeks. Detective Sergeant Michael Montaque of the Financial Crime Unit cautioned people not to let their guar down against counterfeit notes. “We are continually finding them in circulation. I’m particularly asking the business community to pay close attention to the notes they are receiving.” Montague advises business people to observe the person passing the notes or their companions and not to give the notes back despite the fact that CIMA cannot compensate for false noted given in payment for goods.

“In the event that you receive a counterfeit note, or suspect one to be counterfeit, we ask that you observe the description of the person passing the note, as well as that of any companions. Do not return the note to the passer. Instead, first initial and date the note on the white border then tag the note with a copy of the transaction receipt and call the police. If you have counterfeit report forms issued by the Financial Crime Unit, obtain as much information as possible from the person passing the note and write it on the form. You should also save CCTV footage of the transaction and the passer,” he said.

Police say the public should pay attention to the feel of the paper on which notes are printed. Genuine notes are printed on special paper that has a rough texture. Counterfeit notes have a smooth texture and will smudge when exposed to water and can come in any denomination .

If you have a note which you believe is counterfeit you must take it to the police at once as it is a criminal offence for you to hold or pass on a note that you know to be counterfeit, the FSU added.

CIMA also stated that it is not able to compensate persons who come in possession of counterfeit notes. This makes it even more important for the public to be vigilant when handling currency notes.
The RCIPS form for reporting counterfeit money can be found on the CIMA website www.cimoney.com.ky, under “Currency.”