Cay: Anti-counterfeit initiative

An initiative aimed at reducing the number of counterfeit notes in circulation has recently been launched by the Chamber of Commerce in partnership with The Royal Cayman Islands Police and a number of local banks and merchants.

Chamber of Commerce President Mrs Sophia Ann Harris said: “Prevention of financial crime is of vital importance to all businesses and consumers. This initiative is another way to assist businesses in the fight against financial crime in our community.”

The four banks involved in the initiative, The Bank of Butterfield, Cayman National Bank, First Caribbean Bank and Royal Bank of Canada, have invested over CI $13,000 to buy 3000 counterfeit currency detector pens and 1,016 counterfeit currency ultra violet lamps.

These will be distributed free of charge to local merchants to help them identify any potential counterfeit currency. Both detection items are portable and easy to use.

The lamps are hand held and the pens, which are simply drawn across the notes, can be used in seconds.

Detective Constable John Le Cuirot said: “With the correct use of these new tools, merchants will be more able to detect counterfeit notes and we should therefore see a dramatic drop in the circulation of forged currency.”

This is an important blow against terrorism in that terrorists use counterfeiting, amongst other criminal ventures, to support their heinous acts against states. All they bring to the act is their tremendous will to destroy and murder; the technology and all else is usually stolen.