The counterfeiting epidemic: New cases of fake banknotes in Malaysia — Henry Goodman | Malay Mail

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The counterfeiting epidemic: New cases of fake banknotes in Malaysia — Henry Goodman

06 September 2019

Counterfeit currency is charged with supporting dictatorships, corrupt and authoritarian regimes, terrorism, and conventional criminals. This is especially relevant to the fiduciary printing industry which is responsible for the legitimate printing of state currencies. Where standards are low the ease with which a criminal can imitate banknotes increases. Some see that the responsibility lies with central banks that must raise standards for contracts to safeguard against such activities.

Malaysia has long-standing issues with counterfeiting and corruption. Transparency International’s annualof 2018 put Malaysia at number 61 out of 180 countries polled. While this is better than average for South-east Asia, it is far below Malaysia’s similarly developed neighbours in Singapore and Hong Kong.

 

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