Oman enhances efforts against counterfeit currency
Published: 06:10 PM,Oct 12,2024 | EDITED : 10:10 PM,Oct 12,2024
Brigadier Jamal bin Habib al Quraishi
MUSCAT: The Sultanate of Oman has intensified its security measures, preventive actions and community awareness initiatives to combat the crime of counterfeiting and circulating currency. This crime poses a serious threat to the national economy, undermining confidence in the financial system and significantly contributing to inflation. It also leads to associated crimes such as fraud, swindling and money laundering.
Brigadier Jamal bin Habib al Quraishi, Director-General of Criminal Investigations at the Royal Oman Police (ROP), emphasised that the police have devoted their resources and capabilities to tackle various crimes, including counterfeiting currency, aiming to mitigate its risks to both individuals and society. He noted that, while counterfeiting remains at normal levels and has not reached a concerning threshold, raising awareness about its risks and associated criminal activities remains crucial.
He further mentioned that in the first half of 2024, no incidents of counterfeit currency operations were reported in Oman. However, one prevalent issue is the promotion of counterfeit currency through fraudulent methods, such as fake advertisements offering to exchange counterfeit foreign currencies for Omani rials at seemingly attractive rates. These schemes often lure those eager for quick profits, only for them to later realise they have been deceived.
Brigadier Al Quraishi also highlighted another method observed by the General Administration: promoting the exchange of foreign currencies that, while not counterfeit, have been suspended in their country of origin. Unsuspecting individuals fall prey to such scams, enticed by lucrative offers, only to find that the currency they possess is worthless and cannot be exchanged at legitimate exchange offices.
He explained that official documents, including passports, identification cards and paper currencies, are equipped with advanced security features to guard against forgery and fraud. The ROP's efforts to counter counterfeit currency include collaborating with international bodies to exchange information and expertise, equipping law enforcement with the necessary tools for detection and investigation, and providing specialised training programmes for officers.
Brigadier Al Quraishi also pointed to Omani laws addressing forgery in Article (175) of the Penal Code, which states: “Anyone who counterfeits, forges, or falsifies in any way a paper or metal currency legally circulating in the country or another country, or counterfeits national public bonds or promotes any of them with knowledge of that, shall be punished by imprisonment for not less than 5 years and not more than 15 years.”
The law also mandates a minimum prison sentence of 10 years if the offense results in a devaluation of the national currency or bonds or disrupts credit in domestic or foreign markets.
Brigadier Jamal bin Habib al Quraishi, Director-General of Criminal Investigations at the Royal Oman Police (ROP), emphasised that the police have devoted their resources and capabilities to tackle various crimes, including counterfeiting currency, aiming to mitigate its risks to both individuals and society. He noted that, while counterfeiting remains at normal levels and has not reached a concerning threshold, raising awareness about its risks and associated criminal activities remains crucial.
He further mentioned that in the first half of 2024, no incidents of counterfeit currency operations were reported in Oman. However, one prevalent issue is the promotion of counterfeit currency through fraudulent methods, such as fake advertisements offering to exchange counterfeit foreign currencies for Omani rials at seemingly attractive rates. These schemes often lure those eager for quick profits, only for them to later realise they have been deceived.
Brigadier Al Quraishi also highlighted another method observed by the General Administration: promoting the exchange of foreign currencies that, while not counterfeit, have been suspended in their country of origin. Unsuspecting individuals fall prey to such scams, enticed by lucrative offers, only to find that the currency they possess is worthless and cannot be exchanged at legitimate exchange offices.
He explained that official documents, including passports, identification cards and paper currencies, are equipped with advanced security features to guard against forgery and fraud. The ROP's efforts to counter counterfeit currency include collaborating with international bodies to exchange information and expertise, equipping law enforcement with the necessary tools for detection and investigation, and providing specialised training programmes for officers.
Brigadier Al Quraishi also pointed to Omani laws addressing forgery in Article (175) of the Penal Code, which states: “Anyone who counterfeits, forges, or falsifies in any way a paper or metal currency legally circulating in the country or another country, or counterfeits national public bonds or promotes any of them with knowledge of that, shall be punished by imprisonment for not less than 5 years and not more than 15 years.”
The law also mandates a minimum prison sentence of 10 years if the offense results in a devaluation of the national currency or bonds or disrupts credit in domestic or foreign markets.