By Alexandra Krauska
By Alexandra Krauska
Rabat – Bank Al Maghrib announced that 10,919 counterfeit bills were identified in 2015, according to statement on Friday. The false bills would add up to about 1.3 million MAD.
This annual report tracks counterfeit money in Morocco. In 2014, there were 10,914 counterfeit bills, only 5 fewer than in 2015.
The report stated that the most common bill counterfeited is the 200 dirham bill. They make up 44 percent of all counterfeit bills. The next most common was the 20 dirham bill, at 29 percent of all counterfeit bills, then the 100 dirham bill, at 26 percent of all counterfeit bills. The 50 dirham bill only makes up 1 percent of all counterfeit bills.
Their findings also suggest that counterfeit bills often mimic older bills, indicating that newer bills and the methods used to prevent counterfeiting are working well. Bank Al Maghrib plans to institute a new security system, making all money centers sort through bills they receive to identify counterfeit money.
Under Moroccan law, anyone who counterfeits money can be subject to life in prison. Section 334 of the penal code states that “one can be punished with life in prison, whoever counterfeits, falsifies or alters either metal coins or paper currencies in Morocco or abroad; or titles, bonds or debentures, issued by the Treasury with its stamp or mark, or interest coupons attached to such securities, bonds or debentures.”
