In the first half of 2015, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 2,361 pieces.
The main reason for the increase in counterfeit banknotes seen in this reporting period is attributed to a police seizure that occurred last May, involving 1,075 notes (1,055 pieces of €100 and 20 pieces of €50), seized from a foreigner at MIA prior to his departure.
The proportion of euro counterfeits in Malta remains insignificant when compared with the number of genuine euro banknotes in circulation (slightly above 12.15 million on average for the first half of 2015).
It is also very low (0.52 per cent) as a proportion of the total number of counterfeits seized in the euro area, which according to the European Central Bank, amounted to 454,000 pieces as a whole over the same period (January to June 2015).
As a result of seizure, there was an increase in the number of €100 seized in circulation, which now accounts for 51.5 per cent of all counterfeits seized in Malta.
The market share of the €50 in Malta remains very low with only 5.7 per cent of all counterfeits seized, while the share of the €20 and the €10 decreased when compared to the second half of 2014.
Notwithstanding the low figures of counterfeits reported locally, the Central Bank of Malta continues to advise the public to remain alert. Genuine banknotes can be easily recognised using the simple ‘feel-look-tilt’ test, which is described on the bank’s website at www.centralbankmalta.org/en/euro-banknotes-security-features.
In its continuous effort against counterfeiting, the bank has embarked upon a training programme targeted towards all sectors. In May the bank and the Financial Intelligence Analysis Unit jointly launched the National Project for the Certification of Cash Handlers, specifically designed to train professional cash handlers, providing them with the necessary skills in detecting counterfeit banknotes.
This programme is being rolled out in three consecutive phases, covering the training of professional cash handlers working at the Central Bank of Malta and credit institutions, financial institutions and retail sector.
Last month, the bank and the GRTU Malta Chamber of SMEs launched a tailor-made national educational programme for the retail sector.
The bank is available to provide any support, including training, to any local entities which may require such assistance.
Anyone who receives a counterfeit note or suspects that they are in possession of a counterfeit note should contact the police on 2122 4001 or the Central Bank of Malta on 2550 6012/13 or electronically on nccmt@centralbankmalta.org.