EFL
The US Treasury believes that $50 million worth of fake money enters circulation every year. Syria and Iran are believed to be responsible for some of it, but the world's best forgeries emanate from North Korea. Fake currency is considered a vital source of income for the world's last Stalinist regime, with its shattered economy. To date, dollars have been the forger's favourite. Now, however, Pyongyang counterfeiters are eyeing the euro.
Mr Matsumura warned last week that the euro's growing clout and value - on Friday, it rose to a record $1.3075 - makes it an increasingly tempting target. "The first forgeries came out within six months and I already found a lot of forged notes when I travelled around Europe in June," he told The Telegraph. "But within a few years the euro will be the currency of 35 countries. There will be 1.5 times as many in circulation as the dollar. That makes it tempting to counterfeiters and I believe the North Koreans are preparing to make euros." In 1989, Pyongyang agents based in the former East Germany are said to have procured a sophisticated money-printer that is still in use today. A single print run produces notes "worth" in the region of £2.5 million. |