Brussels, 18/09/2007 (Agence Europe) - Adopting a report on 18 September on action in 2006 to protect euro coins against fraud and counterfeiting, the Commission explains that member states have satisfactorily implemented their obligations. The Commission is, however, suggesting new ways of protecting euro notes and coins and giving existing legislation more teeth.
In a press release, EU Anti-fraud Commissioner Siim Kallas commented: 'Euro counterfeiting remains a considerable illegal activity but our report clearly shows that the system for the protection of Euro coins is working efficiently.' The 2006 report on the protection of euro coins against fraud and counterfeiting details efforts to remove counterfeits from circulation and also includes recommendations on what more can be done in terms of cooperation.
The number of counterfeit Euro coins removed from circulation rose to nearly 164 000 coins, mainly 2 euro coins, followed by 1 euro and 50 cent coins. This figure should be considered against the backdrop of the 69 billion genuine euro coins in circulation or the 13 billion euro coins of the three largest denominations. Germany, Austria, Belgium, France and the Netherlands are front-runners among member states responding to the Commission's efforts to render euro coins safer to the users by implementing the procedures included in the Commission's Recommendation of 27 May 2005 concerning authentication of euro coins, explains the Commission.
Although the system for the protection of euro coins is working efficiently, the Commission explains that vigilance needs to be reinforced because coin counterfeiting activity is continuing to grow, as demonstrated by the new types and sub-types of counterfeit euro coins. It is therefore suggesting to step up cooperation between national law enforcement services and Europol, and with the coin-operated machine industry.
In a separate report, the European Commission comments that member states have largely implemented their obligations with regard to criminal penalties against euro counterfeiting (a report on a 29 May 2000 framework decision). The report concludes that the transposition of the framework decision by all the 27 member states is generally satisfactory. The penalisation of counterfeiting as well as the penalties provided had generally been introduced into member states' legislation, thus achieving a homogenous level of protection of the euro as required by the framework Decision. A small number of national measures are still necessary for its complete implementation, mainly concerning the level of sanctions and the penalisation of specific acts of counterfeiting in some countries.
On Monday 17 September, the European Commission adopted a raft of measures to improve the current protection system, forcing banks and other financial institutions to ensure the authenticity of euro banknotes and coins they have received before re-circulating them. This initiative amends Regulation 1338/2001 of 28 June 2001 to add the obligation for financial institutions to check for counterfeits. Checks for authenticity tend to be carried out by sorting machines appropriately adjusted with samples of both genuine and counterfeit notes and coins. Further information: http: //europa.eu.int/comm/anti_fraud/pages_euro/index_en.html (ab)