Luxembourg, 07/10/2013 (Agence Europe) - EU justice ministers meeting in Luxembourg on Monday 7 October reached political agreement on proposals seeking to protect the euro and on sanctions to be imposed on counterfeiting the currency. Commissioner for Justice, Fundamental Rights and Citizenship Viviane Reding and Commissioner for Taxation and Customs Union, Audit and Anti-Fraud Algirdas Semeta brought forward the proposals in February 2013.
Ministers agreed on the imposition of sanctions (prison sentences of between five and eight years depending on the crime). The Commission proposed minimum sanctions (at least six months' imprisonment for distributing counterfeit currency), leaving it for member states to decide if they wanted to go further. The member states did not go with the proposal, however. The proposed directive covers fabrication and alteration of currency, putting counterfeit currency into circulation, the import, export, receipt and procurement of counterfeit currency and having the tools necessary to make counterfeit currency. The directive seeks to prevent fraud which has cost nearly €500 million since the single currency was introduced. It will allow investigators to make use of instruments used in organised crime investigations, even, if necessary, authorising the interception of communications. Proportionality must however always be respected. Ireland will not take part in the directive. Denmark and the United Kingdom also stand outside it. Negotiations will now begin in the European Parliament. (SP/transl.fl)