Friday, October 27, 2006

Colombia 'is fake banknote king'

Colombia and North Korea are the largest producers of fake US banknotes, a report suggests.

The study by the US Treasury Department, Federal Reserve and Secret Service said that one in every 10,000 greenbacks was a fake.

It said more affordable equipment meant counterfeiting was getting easier.

About $450bn of the $750bn of US currency in circulation is held outside the US, with up to $70m estimated to be fake.

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