The punishments for falsification of currency and government bonds are provided for under the UAE Penal Code.
Article 239 under the penal code states that any person who is found counterfeiting, forging or falsifying the banknote or coin or the government bonds whether by himself or through an intermediary shall be sentenced to temporary or life imprisonment and a fine not less than AED 200,000.
It must be noted that the Penal code under Article 239 prescribes the same penalty if the counterfeit, falsified or forged currency in circulation belongs to a country other than the UAE as well.
Article 240 under the Penal code further states that if a person knowingly takes forged, false or counterfeit currency or government bonds inside or outside the UAE, either by himself or through an intermediary and/or if a person knowingly circulates, deals in, or has possession of forged, false or counterfeit currency or government bonds, for the purpose of circulation the punishment shall be the same as mentioned under Article 239, i.e. temporary or life imprisonment and a fine not less than AED 200,000.
Article 241 of the code states that the penalty shall be life imprisonment if the crimes set out in Article 239 and Article 240 result in the devaluation of national currency or bonds, or destabilization of credit in the domestic or foreign market.
Under Article 242 if any person knowingly circulates or recirculates or brings into the country demonetized banknotes or coins, shall be sentenced to jail for a period not exceeding 1 year and a fine not exceeding AED 50,000.
Further Article 243 of the code states that any person who accepts the counterfeit or falsified banknotes, coins or government bond in good faith and then engages the same in trading upon having the knowledge of such counterfeit, falsification or forgery, shall be liable to a jail sentence for a period not exceeding 1 year and a fine not exceeding AED 50,000.
Exemption: Under Article 245 of the Penal code any criminal who reports to the judicial or administrative authorities prior to using the counterfeit, forged or false currency or government bond shall be exempted from penalties. But if the reporting is made after the discovery of such a crime then the court may exempt him if such a reporting has resulted in the detention of other criminals.
It is important to note that the UAE authorities take counterfeiting very seriously and have implemented strict measures under the law to combat this crime. The use of such counterfeit currency can be very damaging to the reputation and disrupt the stability of the economy.
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