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Bank Notes: Forgery

Volume 493: debated on Tuesday 2 June 2009

To ask the Chancellor of the Exchequer on how many occasions his Department has taken action in relation to counterfeit currency resembling the euro under counterfeit regulations. (277183)

HM Treasury does not have responsibility for taking action in relation to counterfeit currency resembling the euro. Instances of euro counterfeiting should be reported to the police.

HM Treasury was responsible however, for negotiations on European Council Regulation 45/2009 of 18 December 2008. This extended measures for the protection of the euro currency from counterfeiting to member states who have not adopted the currency.

HM Treasury engaged with the Commission closely to ensure that this regulation would be both proportionate and effective. In particular, while appropriate financial and credit institutions will be required to screen for counterfeit euros, the regulations provide flexibility to them regarding the most efficient methods for doing so.

The Council regulations provide for member states to make appropriate domestic provisions by the end of 2011, and HM Treasury will be taking this forward with relevant stakeholders in due course.