Commission takes action to strengthen the protection of the euro
Since its introduction in 2002, counterfeiting of the euro has led to financial damage amounting to at least € 500 million.
To help protect the euro and other EU currencies from counterfeiting, Vice-President Viviane Reding and Commissioner Algirdas Semeta have today proposed new criminal law measures. These include strengthening cross-border investigations and introducing minimum penalties, including imprisonment, for the most serious counterfeiting offences.
The new rules include a minimum penalty of at least six months imprisonment for serious cases of production and distribution of counterfeit currency and a maximum penalty of at least eight years would be introduced for the offence of distribution.
"Those responsible must not go unpunished – it is time we close regulatory loopholes to put a stop to counterfeiting across the European Union," said Vice-President Viviane Reding.