Counterfeiting involves producing imitations of coins and banknotes or making alterations to genuine currencies to raise their denominational values.
Counterfeiting involves
producing imitations of coins and banknotes or making alterations to genuine
currencies to raise their denominational values.
Access to emerging technology
has enhanced measures used by fraudulent individuals to counterfeit bank notes
and other financial instruments across the globe.
The term
"counterfeiting" as related to cash involves producing imitations of
coins and banknotes or making alterations to genuine currencies to raise their
denominational values.
According to the International
Criminal Police Organisation (INTERPOL), counterfeiting financial instruments
fuels the economy of the underground and promotes the activities of organised
criminal networks and terrorists.
To correctly assess the amount
of money that is counterfeited, countries use Parts Per Million (ppm) for
measurement. The score is given by measuring the number of counterfeit notes in
circulation for every one million authentic notes and most nations aim to stay
below a benchmark of 15 ppm.
Below are the most
counterfeited currencies in the world
The following countries as
profiled by YahooFinance have the most counterfeited notes:
1 US Dollar 100?
2 British Pound 42
3 Euro 13
4 Australian Dollar 9
5 Philippine Peso 7.9
6 Canadian Dollar 7
7 South African Rand 3
8 New Zealand Dollar 0.8
9 Malaysian Ringgit 0.3
The US dollar has been reported
as the most counterfeited banknote in the world. YahooFinance notes the absence
of concrete data on the number of counterfeited US dollars as the "US
government remains secretive about the amount of counterfeit cash in circulation"
However, the most recent report
on the issue (2006) reveals that one in every 10,000 US bills was fake.
According to the Central Bank
of Nigeria, (CBN), the amount of counterfeit notes between January - December
2016 was less than 1% (0.0014%) or 14 counterfeit notes out of a million
banknotes.Nigerian cuisine
While the CBN report puts the
volume of Nigeria's counterfeited banknotes at the barest minimum, there is a
contradiction as bank customers still witness the issuance of counterfeit notes
from authorised bank Automated teller machines (ATM).
The Counterfeit Currency
(Special Provisions) Act 1974 (Nigeria), provides a sentence of life
imprisonment for "Any person who falsely makes or counterfeits any bank
note or coin resembling any bank note or current coin which is legal tender in
any country other than Nigeria".
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