Financial cops recover high quality fake cash

(CNS): Following the recovery of a small number of fake CI and US notes by the RCIPS Financial Crime Unit officers are asking the public and the business community to continue looking out for counterfeit cash. Police said that since the beginning of the year a small number of CI $10, CI$100, US$50 and US$100 have been found in circulation some of which are better quality than notes recovered in the past. Detective Constable Adrian Neblett of the Financial Crime Unit noted in particular that the Cayman Islands $10 looked very real.

“The quality is so good that, to the naked eye, they look real. The metallic strip in these newer notes is much shinier than we’ve seen in previous forgeries,” he said as he urged the business community and members of the public to spend a few extra seconds checking all notes – in particular the presence of the watermark – that come into their possession.

“Remember, the Cayman Islands Monetary Authority has confirmed that if you are in possession of a note that’s found to be fake you will not be compensated, so those extra few seconds spent checking the cash could prevent you losing out financially,” the officer said.

Anyone who receives a counterfeit note, or suspects one to be counterfeit is advised to observe the description of the person passing the note, as well as that of any companions. Police say the notes should not be returned to the passer if possible. Instead, initial and date the white border of the note 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. DC Neblett said.

“There are situations where people are not sure whether a note they have is counterfeit or not, so they take it to the bank to deposit it. Unfortunately, once a counterfeit is mixed with other notes, most of the evidence that could assist the enquiry is lost. That’s why any suspect notes should be tagged with the transaction receipt, placedin a protective covering such as an envelopeand set aside for verification by the Financial Crime Unit. Please also ensure that any video footage showing the transaction is also set aside,” he explained

The RCIPS form for reporting counterfeit money can be found on the Cayman Islands Monetary Authority (CIMA) website www.cimoney.com.ky under “Currency.”

Anyone who wants further information about how to identify counterfeit currency, or how to spot real notes from the fake one’s, should contact the RCIPS Financial Crime Unit at 949-8797. Officers will be happy to arrange relevant workshops for business managers and front line staff.