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LESSON 1-2 Counterfeit money: Who pays? © Bank of Canada 2008.

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Presentation on theme: "LESSON 1-2 Counterfeit money: Who pays? © Bank of Canada 2008."— Presentation transcript:

1 LESSON 1-2 Counterfeit money: Who pays? © Bank of Canada 2008

2 Who makes bank notes? The Bank of Canada, our central bank. It: designs new bills has these bills printed by specialized printers distributes bills to banks across the country collects and destroys bills that should not be reused raises awareness about how to check security features to avoid counterfeit money 2

3 What’s the problem with counterfeit money? If you get a fake bill, you lose money and become a victim of crime. Organized crime gangs produce and distribute counterfeit bills. They use the money they earn to finance other illegal activities. Counterfeiting can lead to a lack of confidence in cash. 3

4 How much counterfeiting is there in Canada? Counterfeiting rates peaked in 2004 and have been decreasing since then. 4

5 Why are counterfeiting rates going down? newer bills with better security features more police attention to counterfeiting crimes more stores checking bills to make sure they’re real 5

6 Is counterfeiting still a problem, with rates going down? Yes! Counterfeiting rates can increase if we don’t all do our part to keep them low. That can lead to a lack of confidence in cash, stores posting signs that say they don’t accept bills, and more victims of crime. 6

7 Who pays the most for counterfeiting? people with low incomes and small businesses that can’t afford the loss larger businesses with low profit margins communities where organized crime is very active taxpayers 7

8 What does the law say? It is against the law to: make counterfeit money knowingly possess counterfeit money without a lawful excuse knowingly use counterfeit money If you are convicted of a counterfeiting crime, you face up to 14 years in jail. 8

9 How does the Bank of Canada reduce counterfeiting? issues new bills with better security features raises awareness about verifying bills to avoid counterfeits works with police to monitor counterfeiting activity works with banks to weed out counterfeits and old bills 9

10 How do police and Crown prosecutors reduce counterfeiting? investigate counterfeiting crimes collect and study counterfeit bills take counterfeiting cases to court and argue for appropriate sentences 10

11 How can businesses reduce counterfeiting? train staff on counterfeit detection check all bills before accepting them 11

12 What can YOU do to reduce counterfeiting? check your bills expect your bills to be checked whenever you pay with cash show people how to check their bills 12

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