WASHINGTON (5/30/14)--What to do with tattered currency? The U.S. Treasury Department's Bureau of Engraving has published an interim final rule amending its regulations on exchange of mutilated paper currency.
The interim rule will allow the bureau's Mutilated Currency Division examiners to cease processing damaged-currency submissions that appear to be part of any illegal scheme, and instead alert law enforcement officials about their suspicions. It also serves as notice to the public about what to do with legitimate redemption requests.
The interim rule uses several categories of amendments, which:
Notify the public about the characteristics mutilated paper currency must have in order to be submitted for possible redemption;
Inform the public of the present practices in the Bureau of Engraving and Printing's Mutilated Currency Division, and deter fraud in mutilated currency submissions;
Clarify packaging and shipping requirements for mutilated currency submissions and update the delivery methods and the appropriate address for shipping purposes; and
Notify the public that their information may be provided to law enforcement officials pertaining to any mutilated currency submission.
The Bureau of Engraving and Printing reports it has encountered some schemes where currency is intentionally mutilated in an apparent attempt to defraud the government. The intentionally mutilated currency is often intermingled with other bills in an effort to thwart detection.
The rule is effective immediately, and comments will be accepted through July 28.
Use the resource link below for the full interim rule.