What is the economic impact of these counterfeited products?

This report shows that the infiltration of counterfeit and pirated products, or IP theft, creates an enormous drain on the global economy – crowding out Billions in legitimate economic activity and facilitating an “underground economy” that deprives governments of revenues for vital public services, forces higher …

What are the advantages of counterfeit?

Counterfeits allow consumers to buy prestige only at a lower price as opposed to buying quality at a high price. Higher social status is a main goal that consumers pursue from counterfeits; they want to demonstrate who they want to be. Accordingly, the primary benefit of counterfeits is symbolic rather than functional.

How does money laundering take place?

Money laundering is a process that criminals use in an attempt to hide the illegal source of their income. By passing money through complex transfers and transactions, or through a series of businesses, the money is “cleaned” of its illegitimate origin and made to appear as legitimate business profits.

What is counterfeit currency and how does it work?

Counterfeit currency has been in circulation for nearly as long as currency itself. Long before bills were used a form of money, counterfeiters would alter others forms of currency to gain more value than the traded item was worth.

Can you be charged with counterfeiting for printing fake money?

For example, if you print money as a joke and the currency is of poor quality and you argue that it cannot pass off as legal currency, you cannot be charged. This type of defense can only be accepted in selected cases. One can be charged with counterfeiting even if only one side of the fake note was printed.

What is considered a counterfeiting offense?

A counterfeiting offense also includes being in possession of any equipment used to produce fake money e.g. metal plates that are used to make money. Scanning money or making copies of notes to be used in counterfeiting is also a counterfeiting crime.

Who was the first person to make counterfeit money?

Early Counterfeiters. A number of individuals in history have become famous as counterfeit money producers, although some have paid the price for their crime. Going as far back as the 5th century, Alexander the Barber was one of the first, famed counterfeiters.