Euro coin counterfeiting uncovered
Wednesday, October 12, 2005, 13:22
Hungarian authorities uncovered a counterfeiting operation in Pest County at the weekend which was turning out ?1 and ?2 coins, national daily Népszabadság reported.
In the first half of 2005, 387 counterfeit euro notes were reported to the authorities, according to figures from the National Bank of Hungary. About 55% of the counterfeit foreign currencies registered in the first half were euros and 31% were dollars. The authorities received reports of 4,677 counterfeit forint banknotes during the same period.
Hungary set up a special centre of coin and banknote experts at
the end of 2004, in line with its EU membership requirements. The
central bank also set up an electronic Counterfeit Monitoring System
(CMS), the same as used by the European Central Bank to foil counterfeiters.