Zero tolerance for counterfeiting the euro: EC proposal clears final hurdle
7 May 2014 10:45 AM
The EU's Finance Ministers have backed
measures that will reinforce the protection of the euro and other currencies
through criminal law measures. The directive is expected to enter into force in
June 2014.
Johannes Hahn, EU Commissioner responsible for Justice
during Vice-President Viviane Reding's electoral leave said:
"These new measures will help protect one of our most valuable assets:
the euro. Citizens and businesses must be able to trust that the money they
have in their pockets is authentic. And criminals seeking to undermine the
strength of the euro must be duly punished. Today's endorsement marks a
strong resolve to protect our currency for honest businesses and citizens and
sends a stark warning to criminals."
Algirdas Šemeta, Commissioner responsible
for Taxation, Customs, Statistics, Audit and
Anti-Fraud, said:"These new rules against euro-counterfeiting
will boost confidence in our common currency, and help to protect honest
businesses and citizens from ending up with fake money in their pockets. While
the final text has less bite than the Commission would have liked, it is
nonetheless an important advance on where we stand today. The euro is better
protected against criminals, thanks to this new law adopted
today."
Since the euro was introduced in 2002, counterfeiting is
estimated to have cost the EU at least €500 million. Recent figures
published by the European Commission show that a total of 175 900 fake euro
coins were withdrawn from circulation last year. According to the latest
figures from the European Central Bank, 353 000 counterfeit euro banknotes
were withdrawn in the second half of 2013.
The
measures proposed by the Commission will bring about the following
changes:
-
The
directive will set the lower limit for maximum penalties in Member States:
maximum sanctions must be at least eight years for production and at least
five years for distribution of fake notes and coins.
-
It
will also ensure investigative tools for organised crime or serious cases
provided for in national law can be used in cases of counterfeiting, thus
improving the quality of cross-border investigation in this
field.
-
Analysing seized forgeries will be possible earlier
during judicial proceedings, which will improve detection of counterfeit
euros and prevent their circulation.
Next steps: Following the
political agreement with the Council in the trilogue meeting (MEMO 14/123), the vote in the European on 16 April supporting the
directive (MEMO/14/303) and yesterdays' backing by the
Council, the directive is due to be signed by the President of the Council on
13 May 2014 and the President of the European Parliament on 15 May 2014. After
publication of the directive in the Official Journal, which is expected in June
2014, Member States will have two years to transpose the new rules into
national law.
For
more information
Frequently Asked Questions: MEMO/14/334
Homepage of Commissioner Algirdas Šemeta: http://ec.europa.eu/commission_2010-2014/semeta/index_en.htm
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Homepage of Commissioner Johannes Hahn who has taken
interim responsibility for the justice portfolio until 26 May 2014: http://ec.europa.eu/commission_2010-2014/hahn/index_en.cfm
Follow Commissioner Šemeta on Twitter: @ASemetaEU
Follow EU Justice on Twitter: @EU_Justice
Follow Commissioner Hahn on Twitter; @JHahnEU
Counterfeiting: http://ec.europa.eu/anti_fraud/euro-protection/legislation/index_en.htm
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European Commission – criminal law policy: http://ec.europa.eu/justice/criminal/criminal-law-policy/index_en.htm