Counterfeit euros in steady decrease

[bsa_pro_ad_space id=4]

April 12, 2012 – The number of counterfeit euro coins removed from circulation has decreased by 15%, down to 157,000 coins compared to 186,000 the year before. The 2-euro denomination remains by far the most counterfeited euro coin, representing almost two thirds of all counterfeit euro coins detected. The low levels of counterfeit euro coins are the result of the combined efforts of the Member States, the Commission / OLAF (the EU’s anti-fraud office) and the other European institutions.

The overall number of counterfeit coins is very small by comparison to the total number of around 16 billion genuine euro coins put into circulation of the three highest denominations (50c, 1- and 2-euro). This corresponds to 1 counterfeit for every 100,000 genuine coins.
Algirdas Semeta, EU Commissioner responsible for Anti-Fraud said: “Shopkeepers, small businesses and citizens are particularly at risk of receiving fake coins and notes. Fighting counterfeit money is therefore crucial to protect honest taxpayers. I am very happy that the euro is well protected through the work of OLAF. We will continue our efforts to detect illegal money and root out these illegal activities across Europe.”

A comprehensive set of preventive and detection measures in Member States and at EU level have yielded good results in the fight against euro counterfeiting. These include legislation, technical analysis and cooperation, law enforcement coordination, as well as judicial cooperation. Counterfeit coins can also be rejected by properly adjusted vending and other coin-operated machines.
These measures reflect efforts and progress made by Member States and the EU institutions to detect and remove counterfeit euro coins from circulation. To assist these efforts, the European Parliament and the Council adopted a Regulation which entered into force on 1 January 2012 setting the rules for financial institutions to ensure that all euro coins they put back into circulation are genuine.

As far as counterfeit euro banknotes are concerned, around 606,000 pieces were withdrawn from circulation in 2011, as announced by the European Central Bank, which is in charge of protecting banknotes against counterfeiting. The overall number of counterfeit notes taken out of circulation in 2011 was 19.3% lower compared to 2010. The most counterfeited denominations continue to be 20 euro and 50 euro bills.
The Commission runs the Pericles Programme which is an exchange, assistance and training programme specifically designed for the purpose of tackling euro counterfeiting. In 2011, the Commission / OLAF carried out 16 projects for the protection of euro banknotes and coins against counterfeiting under the programme. These were mainly conferences and seminars targeted at representatives of national law enforcement agencies, national central banks authorities, commercial banks, money exchange offices, and judicial authorities. The projects aimed at providing technical, scientific and operational assistance, delivering specialised professional training, improving cooperation between competent authorities and raising awareness on the counterfeiting of the euro. These activities should be continued under the Pericles 2020 programme, which has been proposed by the Commission to the European Parliament and the Council in December 2011.

Further information on EU Commissioner are available here.

And here is the link to the EU programme OLAF.