Financial facelift with new $100 bills

(CNS): The Cayman Islands Monetary Authority (CIMA) has announced that the final denomination of the new 'D Series' of notes has been released this week. This comes three years after the initial introduction of the lesser denominations of the new notes into circulation. All six denominations $1, $5, $10, $25, $50 and $100 were redesigned in 2010, with improvements to counterfeit security being a key feature in the new notes. The features included are a holographic stripe, see-through images (visible when held up against a light), the classic turtle watermark and an iridescent band. These features have been introduced and modified with the intention to make counterfeiting more difficult.

The RCIPS Financial Crime Unit (FCU) has issued warnings to the public about the circulation of counterfeits of the new 'D series'. The police have also advised business owners and the public to get to know the look and feel of the new legitimate notes and to report any suspected forgeries immediately, as being in possession or trading of counterfeit currency is a criminal offense. Taking the time to familiarizeoneself with the notes can prevent one from losing out financially as there will be no compensation provided for those who find themselves in possession of the fake notes.

CIMA, which has overseen the introduction of the 'D Series' and which is the statutory body tasked with the management of the Caymanian currency under the Monetary Authority Law (2013 Revision), also provides a link to the FCU's Forged Currency Reporting Form on its website.

According to CIMA's Public Relations officer, the problem of counterfeiting is minimal.

“In industry terms, it is referred to as nuisance counterfeits,” said Kamaal Connolly. “No KYD counterfeits were recorded in the last two quarters.”

The average value of counterfeits turned over to the RCIPS Financial Crime Unit over the last 5 years 2009-2013 was $1,738 per annum.

When asked what efforts CIMA is making to ensure counterfeit money is not entering circulation, Connolly said there was public education through free seminars in conjunction with the FCU and the Chamber of Commerce, as well as presentations by the Currency Division and the FCU upon request and press release reminders during peak periods.

Attention has also been paid to the aesthetic design of the notes, with the latest security modifications combining to make it fairly easy to tell the difference between Cayman Islands legal tender and counterfeit bank notes.

The main colours of the $100 note are orange, brown and red. The new $100 bill also pays homage to Cayman's maritime, ecological and commercial history and culture, featuring a Cayman schooner, which historically was essential to trade and commerce in the Cayman Islands. It also bears HM the Queen’s portrait, the Cayman Islands crest, the outline of all three islands grouped together, and the signatures of the minister of finance and CIMA's managing director. An aerial view of the Cayman Islands capital is also featured on the obverse side.

All older series of bank notes released by the Cayman Islands Monetary Authority and the Cayman Islands Currency Board are still legal tender in the islands, with the older notes being gradually phased out of circulation.

CNS Note: Rory McDonough is a young Caymanian from George Town, who is one of two new interns that have joined the CNS team with a view to a career in journalism. Watch out for more articles from Rory, who will be working on a variety of stories over the coming weeks. Jaida Alexander, also from George Town, has begun her training in the courts and will be focusing on crime and the criminal justice system. We are delighted to welcome them aboard.