Brussels, 30/01/2012 (Agence Europe) - According to data published on Friday 27 January by the European Commission, the number of forged euro coins withdrawn from circulation in 2011 was down 15% compared to the previous year, with a total of 157,000 coins seized, compared to 186,000 in 2010. Two-euro coins (94,500) by far remain the most likely to be forged; nearly two thirds of counterfeit coins are two-euro coins. The reduced number of counterfeit coins is the result of combined efforts by the member states, the Commission/Olaf (European Anti-Fraud Office) and other institutions of the EU, the Commission states in a press release.
The total number of forged coins is very low compared to the 16 billion authentic euro coins currently in circulation for the three highest unit values (€0.50, €1 and €2). This equates to 1 forged coin for every 100,000 genuine ones.
Algirdas Semeta, the commissioner responsible for the fight against fraud, welcomed the fact that the euro is benefiting from proper protection, thanks to the work of Olaf. “We will continue our efforts to detect illegal money and root out these illegal activities across Europe”, he said. The Commission points out that the European Parliament and the Council have adopted a regulation, which entered into force on 1st January 2012 and lays down the rules for financial establishments, to guarantee that all euro coins returned to circulation by these institutions are genuine. As regards forged banknotes in euros, around 606,000 forgeries were withdrawn from circulation in 2011, according to figures from the European Central Bank (see EUROPE10532). The total number of forged notes withdrawn from circulation in 2011 was 19.3% lower than for 2010. The most-forged notes are still €20 and €50 notes. (LC/transl.fl)