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17% Increase in Counterfeit Euro Coins in 2012

Started by Bimat, February 11, 2013, 02:42:06 PM

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Bimat

Marked increase in counterfeit euro coins

By Eric van Puyvelde | Monday 11 February 2013

The number of counterfeit euro coins removed from circulation rose by 17% in one year, from 157,000 in 2011 to 184,000 in 2012, the European Commission announced, on 11 February. With 16.5 billion genuine euro coins currently in circulation, the counterfeit ratio is one for every 100,000 genuine coins. The two euro coin is by far the most concerned, making up nearly two-thirds of the counterfeit coins detected (121,000). There were 31,000 50 eurocent coins and 32,000 one euro coins detected for the same period.

Member states' preventive measures, including legislation, technical analysis and judicial cooperation, have led to advances. The Commission nevertheless considers that criminal rules need to be strengthened to improve prevention, investigation and sanctioning of euro counterfeiting throughout the Union, because states have diverging rules and levels of protection. The executive therefore presented a directive setting minimum rules for sanctions (see Europolitics4580), on 5 February. The regulation concerning authentication of euro coins, which came into force on 1 January 2012, is also an effective instrument to protect the euro against counterfeiting, notes the executive. It establishes rules for financial institutions to ensure the authenticity of all euro coins that they put back into circulation.

As far as counterfeit euro banknotes are concerned, the European Central Bank (ECB) notes that around 531,000 were taken out of circulation in 2012. The ECB is in charge of protecting banknotes against counterfeiting.

Further information is available at http://ec.europa.eu/anti_fraud/euro-protection/euro-coins/index_en.htm

Source: Euro Politics
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

chrisild

We could also say that we are almost (but not quite) back to the 2010 figures. :) Details here:

http://europa.eu/rapid/press-release_IP-13-105_en.htm

Christian