From RCIPS

The RCIPS Financial Crime Unit (FCU) would like to advise the community of risks that the current temporary increase in demand for US cash on the island and the possible emergence of unlicensed currency exchanges may pose to residents. While the FCU has not received concrete complaints regarding unlicensed currency exchanges as of yet, there are foreseeable risks that the public should be aware of before entering into currency exchange transactions through an unlicensed provider.

First, such exchanges are illegal and those conducting these exchanges could face a fine, imprisonment, or both.

In addition to paying a much higher rate for the currency exchange through an unlicensed exchange, residents should be aware that the existence of such unlicensed exchanges leads to a higher risk of counterfeit banknotes of both currencies. The increased value of cash makes counterfeiting more lucrative, while unlicensed exchanges often do not have the instruments to verify the authenticity of the currency. As a result, more of it is printed and circulated.

“The RCIPS is aware of the difficulties being experienced by residents as a result of the changes in relation to money transfer businesses,” said Detective Chief Inspector Richard Barrow, Acting Head of the FCU. “This may cause them to turn to unlicensed exchanges. An individual who exchanges money through an unlicensed exchange is not criminally liable for doing so, however, he or she should be aware of the increased costs and risks.”

It is important to know that being in possession of counterfeit money and knowingly using it is an offense. “Since one popular counterfeiting tactic is to bleach money and reprint on the paper,” added D/CI Barrow, “relying on the feel of the money to identify counterfeit cash is not effective.”

The FCU would also like to remind residents of the obvious risks of hoarding cash, whatever the currency. Carrying large amounts of cash on your person or keeping it in your home is an unsafe practice. Those who work in the tourism industry or otherwise transact in US dollars in the course of their work should also be aware of the risks and take precautions.

We do hope that the situation will be resolved soon but in the meantime we will continue to advise the public of risks as they emerge. Please do contact the RCIPS FCU if you are aware of any unlicensed currency exchanges at 949-8797 and [email protected], or Crime Stoppers at 800-8477(TIPS) to remain anonymous.

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