Counterfeiting is the fact to reproduce or imitate something without being allowed. Today, counterfeiting means bad quality products in people's mind. Nowadays, all industrial markets are touched by this phenomenon : music, clothes, luxury, accessories
Moreover, counterfeiting is easier thanks to globalization : exchanges between countries are more important. Internet develops the virtual market which contributes a lot to information exchange. Section 102 of the Coinage Act of 1965 (Title 31 United States Code, Section 392) provides in party: All coins and currencies of the United States, regardless of when coined and issued, shall be legal tender for all debts, public and private, public charges, taxes, duties and dues.
The United States has accused the Democratic People's Republic of Korea (DPRK or North Korea) of counterfeiting U.S. $100 Federal Reserve notes (super notes) and passing them off in various countries. This is one of several illicit activities by North Korea apparently done to generate foreign exchange that is used to purchase imports or finance government activities abroad.
[...] In this case, US currency will loose its proper value, because of North Korean production of false US coins and tickets. Inflation effects As more money will circulate into the society, prices will easily and quickly increase. Non reimbursement Companies which could use false money, without having a fraudulent goal, will not be reimbursed. This will force them to increase their prices, in prevention to counterfeit. II.2. Problems occurred: False money is so similar to true US currency that the money is in circulation since 1989 and banks employees do not manage to detect which money is the right one. [...]
[...] About Ethics First of all, we need to describe and give a good presentation of what Ethics are. According to M.Hoffman, “Ethics is the thought process that comes into play when we are deciding between right and wrong, or more typically, about weighting two rights. It is establishing the process of using appropriate principles of decision-making, when different values come into conflict with each other”. Ethics is directly linked with Values, Moral and Human Aspects. Acting unethical is destroying our own image, and the image of the other part concerned by our copy. [...]
[...] for Congress, money it makes, could be used to buy weapons technology, fund travel abroad, “meet “slush fund” purchases of luxury foreign foods” and “even underwrite the Democratic People's Republic of Korea 's nuclear program”. Then, letting North Korea produces false US currency, give it a higher and powerful position. North Korea could benefit from this trade and improve its military program, for example. As North Korea is an unstable country, a non intervention from foreign countries will contribute to its terrorism, non respect of human rights and life conditions will not be improved in the country. [...]
[...] Legal overview on Counterfeiting Which risks could a counterfeiter meet by making false money? “Manufacturing counterfeit currency or altering genuine currency to increase its vazlue is punishable by a fine of up to $ 5.000 or 15 years imprisonment, or both (Title 18, Section 471).” “If someone possesses some counterfeit US currency with fraudulent intent is punishable by a fine of up $ 15.000 or 15 years imprisonment, or both ( Title 18, Section 472).” Manufacturing false US money (above 5cents) is subject to the same penalties as all other counterfeiters. [...]
[...] So many people have been mislead by the North Korea counterfeiting currency. Moreover, as it concerns currencies, a lot of people and intermediaries are implied into the counterfeiting process. Currencies could easily move all around the world. Banco Delta Asia has been implied too. Exchanges between banks are quick and so easy. Once bills are accepted by employees banks, they are automatically transformed into virtual money. False bills are redistributed to other people who wants to withdraw money. The currency channel and way of distribution is so long. [...]
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