The provisions of Forgery

♦» The provisions of Forgery «♦

Forgery means any change for the truth with fraudulence intent by one of the ways that law stated on. Such change will cause damage, whereas counterfeiting means simulation. Counterfeiter intends to simulate currency (banknotes or coins), post and financial stamps and valuable documents by any way to be as a copy of the origin. Such simulation is considered as breaching for the state's sovereignty and financial reputation. It also has an impact and disadvantages on the state's economy and reputation as well as the public's trust on its currencies. All Central Banks work to protect its banknotes through the upgrading the security features from time to time or by imposing penalties on counterfeiters.

 

Central Bank of Iraq has set terms and provisions for counterfeiting crime in its law No. (56) on 2004 and as follows:

 

• Article (50) Making Each person who makes or begins to make counterfeit money is guilty of an indictable offense and liable to a fine not exceeding fifty million dinars or to imprisonment for a term not exceeding five years or to both.

• Article (51) possession Each person who, knowingly and with intent to defraud

1. Buys, receives or offers to buy or receive,
2. Has in his custody or possession, or
3. Introduces into Iraq

counterfeit money is guilty of an indictable offense and liable to a fine not exceeding fifty million dinars or to imprisonment for a term not exceeding five years or to both.

 

• Article (52) Uttering Each person who, knowingly and with intent to defraud

1. Utters or offers to utter counterfeit money or uses counterfeit money as if it were genuine, or
2. Exports, sends or takes counterfeit money out of Iraq,

is guilty of an indictable offense and liable to a fine not exceeding one hundred million dinars or to imprisonment for a term not exceeding ten years or to both.

1. Each person who, with intent to defraud, knowingly utters
2. A coin that is not current, or
3. Is guilty of an indictable offense and liable to a fine not exceeding fifty million dinars or to imprisonment for a term not exceeding five years or to both.

 

• Article (53) Slugs and tokens Each person who, knowingly and with intent to defraud

1. Manufactures, produces or sell, or
2. Has in his possession

Anything that is intended to be fraudulently used in substitution for a coin or token of value that any coin or token- operated device is designed to receive is guilty of an offense and liable to a fine not exceeding twenty- five million dinars or to imprisonment for a term not exceeding two years or to both.

 

• Central Bank of Iraq has imposed penalties on commercial banks to compensate five times of the value of the counterfeit banknote according to the circular No. 12/1163 on 1^st March 2015.

• All counterfeit banknotes should be confiscated by Central Bank of Iraq and shall not be returned to the costumer or banks according to the circular No. 12/9977 on 20^th January 2012.