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Gozo training session held on combating counterfeit banknotes

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Gozo training session held on combating counterfeit banknotesThe Gozo Business Chamber recently organised a session on `Training for Combating Counterfeit Money.’ Ms Elaine Cynthia Lenzo from the Central Bank of Malta conducted the well attended training session at the function hall of Tigrija Palazz in Victoria.

The GBC said that the training session, which was for all cash handling personnel, was held with the aim to give more in-depth knowledge to combat counterfeiting.

It was explained that a total of 2,371 banknotes were withdrawn from circulation in the first half of 2016. The €10 and the €20 were the most counterfeited banknote in the first half of 2016. Together they accounted for 87% of the counterfeits.

“Cash handlers are involved in the acceptance and recirculation of banknotes. They are therefore the first line of defence in the measures that are put in place to detect counterfeits and to safeguard the integrity of the euro.”

The Bank said that the training is aimed at reducing counterfeits in circulation by educating cash-handlers on the subject and promoting awareness of possible forgeries of Euro Banknotes. Genuine banknotes can be recognised simply using the ‘’feel, look and tilt’’ method.

“It is our aim to increase public awareness on security features, while ensuring that any banknote checking devices being used,are actually upgraded to recognise the latest counterfeit banknotes.”

This campaign was launched as part of the responsibility which all National Central Banks have in supporting the training of cash-handlers as required by the Eurosystem, which is the Monetary Authority of the Eurozone.

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