There has been a significant increase in counterfeit foreign currency entering the local financial system, senior Fraud Squad officers revealed yesterday. They said US$4929 was in bogus notes was detected in the first quarter of this year, up from US$3190 for the corresponding period in 2014.
The troubling data was revealed by Ag Senior Superintendent Totaram Dookhie and Inspector Rishi Singh in their contribution to day two of the First Caribbean Fraud Conference hosted by the T&T Coalition of Services Industries (TTCSI) at the Trinidad Hilton and Conference Centre, Port-of-Spain, yesterday.
Ag Superintendent Dookhie said a large chunk of the counterfeit US currency was detected by Republic Bank Limited (RBL) but three other commercial banks and one non-banking financial institution had also reported bogus foreign cash.
In the first quarter of 2014, RBL reported US$740 in counterfeit foreign currency discovered and in the first quarter of this year the amount increased to US$2227. The Unit Trust Corporation (UTC), in the first quarter of 2014, reported US$2450, which was more than the US $1,782 detected in the corresponding quarter for the year.
During that period, �1,200 and �20 in counterfeit bills were intercepted by local financial institutions.
In terms of local counterfeit currency, Dookhie said the amount increased this year from $2070 to $43,630. RBL reported $1695 worth of counterfeit TT currency last year and $16,660 in bogus local dollars this year.
Dookhie said 27 money laundering cases are currently before the courts. Last year, the Fraud Squad dealt with 1,097 reports of fraud with a dollar value of $85.4 million.
He said the Fraud Squad was hampered in pursuing cases because there were just 54 investigators on staff.
"One of our major challenges at the Fraud office, we have about 54 investigators. We should have 102. That impacts on us," he said.
"However the Commissioner in his 2015 strategic plan has outlined measures to deal with this challenge."
Dookhie said another challenge facing the Fraud Squad is the unwillingness of many victim to testify in court. As a result, he said, wrong doers walk free and can repeat their illegal acts.
He said the Fraud Squad had a four per cent detection rate.
Yesterday was the final day of the conference which brought together top national, regional and international experts in fraud management, compliance and security. The high level talks focused on popular and dangerous fraud activities, as well as contemporary issues in business and personal security, cyber crime and national security.
?TT COUNTERFEIT CURRENCIES (TTD$)
2014
BANK
CURRENCYVALUE
CITIBANK
$120
IBL
$100
RBL
$1,695
UTC
$155
TOTAL
$2,070
Table 1.0 1st Quarter 2014
2015
BANK
CURRENCY VALUE
CITIBANK
$2,630
IBL
$590
RBL
$16,660
SCOTIA
$14,620
UTC
$680
FCB
$8,450
TOTAL
$43,630
Table 1.1 1stQuarter 2015
FOREIGN COUNTERFEIT CURRENCIES
2014
BANK
FOREIGN CURRENCY
USD ($) VALUE
EURO (�) VALUE
RBL
$740.00
-
UTC
$2,450.00
-
TOTAL
$3,190.00
-
Table 1.2 1st Quarter 2014
FOREIGN COUNTERFEIT CURRENCIES
2015
Bank
FOREIGN CURRENCY
USD ($) VALUE
EURO (�) VALUE
RBL
?$2,227
UTC
$1,782
�600
CITIBANK
$250
IBL
$320
�600
FCB
$350
TOTAL
$4,929
Table 1.3 1st Quarter 2015