UNDERMINING THE ECONOMY

This week’s call by the police to persons to be on the alert against crooks attempting to pass off counterfeit Trinidad and Tobago money is timely. The provision by the police of information on how to detect bogus bills, is also appropriate given that those collecting money at Carnival fetes, shows and booths tend to focus more on the amount of money they collect rather than on checking for fraud. The call seeks to guide individuals on what security measures to look for as a means of detecting whether the money is genuine or not. It should also help in preventing those defrauded from becoming victims a second time around, once the scam is determined.

But the police should not stop at warning residents, show and dance promoters and businesses against counterfeit local currency, but should extend the call to include United States counterfeit bills as well. Large quantities of bogus American money have been brought in over the years not only by visitors, but in connection with the trade in illegal drugs. Meanwhile, the circulation of relatively large sums of counterfeit Trinidad and Tobago money can undermine certain sections of the economy particularly the “small man” and place the survival of marginal businesses in jeopardy.  In addition, there is the effect of a reduction in the standard of living of the employers while they battle to pay off debts, and a reduction in the standard of living of workers and their families as well.

While those engaged in the counterfeit trade, whether in the making or passing of the bogus money, may cynically see it as just another means of hustling for a living, no matter how dishonest, scores of innocent persons may suffer from the backlash of the scam. Despite this, many persons still insist on accepting money as payment without first checking to verify its authenticity. There is a need to scrutinise all money tendered as payment for goods or services rendered. Admittedly, there is always the desire to optimise returns, whether in the case of an ongoing enterprise, a roadside or Carnival booth vendor, a dance promoter among others, and there may be the fear that the careful examining of currency may cause offence. Nonetheless, scrutiny of money passed over by customers is important.

Unscrupulous persons tend to take advantage of particularly busy periods — Carnival, being a top example — when there are crowds at stores, fetes and shows to seek to pass fraudulent money. Organisers of functions, for example all-inclusive parties, have often been left with scores of counterfeit $100 bills used to pay for entry to their fetes. They suffer a loss of possible earnings and should they not check the bills before seeking to deposit the money at banks, then the risk of being charged with seeking to pass counterfeit money. Above all else, the police must see this as their responsibility to find those “manufacturers” who are practising this fraud and to deal with them according to the law.