The State Administration Council's information team recently disclosed that 172 instances of counterfeit banknote sales have been uncovered and pursued for prosecution between 2019 and 2023, in line with Myanmar's crackdown on online counterfeit banknote vendors.
According to Section 101 of the Central Bank of Myanmar Law, it is prohibited for individuals to knowingly use counterfeit banknotes, coins, or any form of transferable instrument. Violators may face fines pursuant to Section 105, imprisonment for a maximum of three years, or both penalties.
To aid in the identification of genuine banknotes and counterfeits, security features of banknotes have been and continue to be disseminated through television broadcasts, newspapers, and financial institutions. Information on paper currency security has been widely circulated via newspapers and banking channels.
Recently, fraudulent banknote dealers have expanded their operations onto social media platforms, facilitating the buying and selling of counterfeit currency in various formats. Consequently, collaboration with the Ministry of Home Affairs is underway to detect and apprehend these individuals in accordance with the law. Statistical data reveals a concerning trend, with 9 cases reported in 2019, 11 in 2020, 15 in 2021, 96 in 2022, and 41 in 2023.
Distinguishing between counterfeit and authentic banknotes is crucial, as most fake currency is produced using color printers and lacks the intricate details found in genuine notes. Notable indicators include the presence of Central Bank of Myanmar insignias on banknotes and tactile differences in denominations. Authentic notes exhibit a rough texture when rubbed with a thumb, whereas counterfeit bills typically feel smooth, as highlighted by the SAC information team.
In an effort to shield the public from financial losses, the Central Bank has disseminated information highlighting disparities between fake and genuine banknotes. Citizens are encouraged to promptly report any counterfeit currency to banking institutions and law enforcement agencies for appropriate action, as emphasized by the information team.
