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23 April 2024

Euro in demand among criminals

By Reuters

The euro is gaining currency among criminals.

The number of counterfeit euro banknotes withdrawn from circulation in the second half of last year rose by 11.4 per cent from the first half to 353,000, the European Central Bank said on Monday.

It was the highest level since late 2010, although with 15 billion banknotes in circulation the number of fakes remains very low in percentage terms.

The ECB unveiled a new 10-euro bank note on Monday, which it said would help it stay ahead of counterfeiters.

The 20- and 50-euro notes remain counterfeiters' favourites, however, accounting for more than three quarters of fake bills.