Logo of Phnom Penh Post newspaper Phnom Penh Post - Forged bills said to be top quality



Forged bills said to be top quality

Forged bills said to be top quality

NEW counterfeit American $100 bills - seemingly the "best" quality notes to have

ever found ready circulation around Phnom Penh - have recently been picked up by

banks.

Cautious traders, wary of being "burned" by counterfeit bills,

have readily accepted the notes because they pass all the quick tests of

legitimate notes - except for the plastic strip on the left side.

One

businessman, who had two of the counterfeit $100 notes, said they appeared

perfect.

However, the bank found that the plastic strip appeared on the

outside of the note, rather than inside the paper. Experts struggled to find any

other obvious signs of forgery.

But business people spoken to by the

Post could not understand why local trading banks did not seize the notes to

ensure they were taken out of circulation.

"The bank just gave it back to

me and said it was bad. I was free obviously to get rid of it again myself,"

said one.

"If the banks don't confiscate them or stamp them fake, how on

earth will they ever get out of the system," he said.

"We would lose the

money, sure, but at least it would be out of the system. Everybody puts these

notes back into play," he said.

A banking expert said that the riel was

Cambodia's legal tender and dealing with foreign currency was done at the user's

peril, as was true in any country in the world.

There was a great deal

of uncertainty and caution by many traders dealing with US dollars and other

foreign currencies, with some returning bills "just because they don't like the

look of them," he said.

"It might well be that the bills are good," he

said.

By law, American banks have to seize counterfeit bills and send

them to the appropriate Treasury authorities.

Cambodian banks were not

subject to United States law, and were therefore under no obligation to seize

such notes, he said.

If people insisted on using US curency instead of

riel, it was up to them to accept the risks, he said.

"You can't ask the

(Cambodian) government to cover you or to introduce laws just because people

choose not to use the national currency," he said.

The introduction of

larger denomination riel notes - up to 100,000 riel - would make trading easier

and put less reliance on large financial transactions being done in dollars, he

said.

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • Cambodia's cluster cases jump to 259

    The Ministry of Health on February 27 recorded 26 more cases of Covid-19 linked to the February 20 community transmission, bringing the total to 259 in one week. The 26 include three Vietnamese nationals and one Cambodian, with the rest being Chinese. The ministry noted that five of the Chinese