Malaysia Must Be Vigilant In Detecting Counterfeit USD Notes

KUALA LUMPUR, May 12 (Bernama) – Malaysia must be vigilant and able to recognise counterfeit US dollar notes although it is not a serious risk in Malaysia, said Director of Banknotes at the Board of Governors of the US Federal Reserve System, Michael Lambert. Lambert, who is in Malaysia for a two-day educational and awareness programme, said the US Federal Reserve would like to establish relationships with central banks around the world, including Malaysia. "The Federal Reserve Board's US Currency Education Programme is conducting an international outreach to ensure awareness among consumers and businesses around the world on how to authenticate genuine notes and report suspected counterfeits,” he told a media briefing here Thursday. Lambert will be meeting industry leaders and regulators to address the issue as part of his outreach programme in Malaysia. He said there is currently US$1.5 trillion of the currency circulating worldwide, and the Federal Reserve Board estimates that between half and two-thirds of it are in circulation outside of the US. "Counterfeit US notes account for less than one per cent of the currency in overall circulation last year, at about US$70 million to US$80 million,” he said, adding that the circulation of the US dollar recorded about five per cent growth annually in terms of volume. Lambert said should any individual come across such notes, the local enforcement authorities in the country concerned or the US Secret Service office in Bangkok should be notified immediately. He said the number of counterfeit cases had declined with efforts undertaken to address such criminal activities through collaborative works with governments around the world. Some of these measures, he said, involved changing of regulations to contain counterfeit issues. -- BERNAMA