Penalty on possessing counterfeit money?

Answer 1

It is not necessarily an offence to possess counterfeit money since anyone may acquire it innocently in their change from a transaction. There are even cases of counterfeit bank notes in ATMs. If you find an "funny money" in your possession, take it to a police station and explain where you may have got it, and hand it over. There is no compensation scheme in UK.

Counterfeiting is regarded in all countries as an offence against the entire community, not just banks, shop-keepers and the revenue service.

In most countries, the two offences are production of counterfeit money and the passing of that money in the knowledge that it is not legal tender. Production carries a prison sentence which may be long (5 years or more) if the offender is the master-mind in a big operation. Participation in production will carry a lesser sentence but still custodial in almost all cases.

The offence of passing counterfeit money has a wide range of seriousness. At the least, a short custodial sentence (6 months, say) or long period of community service would be handed down. However, if the offender were to be "laundering" counterfeit money through a false bank account, or in some other way attempting to make the money look respectable, then that is a more serious offence and is regarded as an extension of fraud in addition to the criminal knowledge concerning the money. That offence could also lead to a long prison sentence.

Answer 2

Depends on the laws of your country.

Richard