Newly created RCMP anti-counterfeiting teams will work alongside the Bank of Canada and other police agencies to curb the growth of phoney banknotes, Public Safety Minister Stockwell Day announced Monday.

“The business of counterfeiting, whether it’s cash or documents is big business,” Day said at a news conference in Toronto with Bank of Canada Governor David Dodge and RCMP Commissioner Beverley Busson.

They said three teams based in Toronto, Montreal and Vancouver will co-ordinate the investigations with regional offices in Halifax and Calgary.

Day said there are about $46 billion in phoney bills circulating right now, saying that counterfeit operations are exploiting sophisticated technology to produce convincing bills.

He also said organized crime units use counterfeit money as a means of financing their other activities, including the purchase of firearms.

“Counterfeit money gives funding capability for criminal organizations,” he said.

Busson said consumers and retailers are getting better at recognizing counterfeit bills, so they are suffering fewer losses.

She said the new unit would vigorously pursue organized crime groups and actively share intelligence with other partners.