United Kingdom

Details

  • Service: Tax, Budget 2014
  • Type: Press release
  • Date: 19/03/2014

Budget 2014: Pound change will stop fraudsters coining it in 

Wednesday 19th March 2014

 

18 March 2014 – Commenting on news that the existing £1 coin is to be replaced with one modelled on the 12-sided former three-penny bit, Hitesh Patel, UK Forensic Partner, says:

“Changing the Pound is a welcome move  that should go some way towards stopping counterfeiters from coining it in.  After all, the reality is that, in today’s digital age, most people are cautious enough to regularly change passwords so a similar approach with our finances makes perfect sense. 

 

“With around 45 million fake £1 coins in circulation, the Treasury faces a constant battle against increasingly sophisticated criminals.  It’s not easy to stay ahead of them, but today’s announcement is the latest clear signal of intent that fraud and counterfeiting will not be tolerated.

 

“The danger now, though, is that there is a risk of counterfeit currency flooding the market as fraudsters seek to dispose of their coins whilst the current Pound remains legal tender, and also create more counterfeit coins while they have the means to do so.  It means that consumers and businesses, alike, must be particularly vigilant.  Yet, at the same time, their focus must not be diverted entirely towards the Pound in their pocket; the digital age means that just as much vigilance must be paid to online transactions and payments in different currencies.”


Ends


Follow us on twitter: @kpmguk #budget2014
www.kpmg.com/uk/budget2014


For further information please contact:

KPMG Press office
Tel:  +44 (0) 207 694 8773
Mike Petrook, KPMG Corporate Communications
Mobile: +44 (0)7917 384576
mike.petrook@kpmg.co.uk


About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity an

 

Share this

Share this

Contact Us

Mike Petrook

Mike Petrook

Senior PR Manager - Management & Risk Consulting, Public Sector & Technology

KPMG in the UK

020 7311 5271 / 07917 384576

Email Mike