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FOUR suspects have been arrested within the latest Bangko Sentral ng Pilipinas (BSP) and the Nationwide Bureau of Investigation (NBI) anti-counterfeiting operations in Pampanga and Tarlac.
The Central Financial institution reported on Monday {that a} whole of 161 counterfeit Philippine foreign money banknotes and 78 faux overseas banknotes have been confiscated. The 4 suspects have been charged with violating Article 168 in relation to Article 166 of the Revised Penal Code, as amended.
Counterfeiters of Philippine foreign money could also be topic to imprisonment of as much as 20 years and a advantageous not exceeding P2 million below Republic Act 10951.
The central financial institution, along with regulation enforcement companies, such because the NBI, has been actively conducting joint anti-counterfeiting operations.
In an announcement, the BSP advises the general public to report any info on foreign money counterfeiting to the closest police station or regulation enforcement company, or contact the BSP Forex Investigation Group (PCIG).
Earlier this yr, the BSP mentioned it’s eyeing tighter legal guidelines towards foreign money counterfeiting. BSP Governor Benjamin E. Diokno has mentioned financial authorities are making ready legislative proposals that purpose to lift the penalty of imprisonment for crimes involving foreign money counterfeiting and to criminalize coin hoarding.
In line with the governor, that is a part of the BSP’s efforts to strengthen foreign money operations and preserve the integrity of banknotes and cash within the nation.
“These proposed measures are anticipated to additional strengthen BSP’s foreign money operations masking manufacturing, distribution, deposit-taking from banks, authenticity verification, anti-counterfeiting operations, and retirement,” Diokno has mentioned.
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