The Bank of Canada is pleased to announce the recipients of its 2006 Law Enforcement Award of Excellence for Counterfeit Deterrence. Sergeant Mary Kostashuk from the RCMP "E" Division Commercial Crime Section in British Columbia and Constable Kurtis Bosnell from the Upper Fraser Valley Regional Detachment of the RCMP were honoured yesterday during the annual conference of the Canadian Association of Chiefs of Police in St. John's, Newfoundland and Labrador.

The recipients of the Award of Excellence were selected for their foresight, teamwork, and meticulous attention to detail in a counterfeiting investigation that led to the prosecution and conviction of Ryan Alexander Grozell, the leader of a significant counterfeit production and distribution ring.

The joint efforts of Sergeant Kostashuk and Constable Bosnell shut down an operation that had been responsible for producing more than $1.8 million in counterfeit notes in Western Canada since 2003. Grozell, the target of their investigation, pleaded guilty to numerous charges related to counterfeiting and received a substantial jail sentence.

The Bank of Canada's annual Law Enforcement Award of Excellence for Counterfeit Deterrence was established in 2004 to recognize the work of Canadian law-enforcement personnel in deterring and preventing the counterfeiting of Canada's bank notes. "We believe that it is vital to deter activities that undermine the confidence of Canadians in their currency," said Pierre Duguay, the Bank's Deputy Governor responsible for the issuance of bank notes. "By their efforts, Sergeant Mary Kostashuk and Constable Kurtis Bosnell have made a significant contribution to the enhancement of that confidence."

Note to Editors:

A photo from the awards ceremony is available on Canada NewsWire.