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Roundup: Lithuanian cash market tested by euro counterfeits

Xinhua, January 22, 2015 Adjust font size:

After fake euros were found in the country, Lithuanian police officials said on Wednesday they have brought under control the situation and there is no massive flow of fake money.

"It was expected, we had been preparing ourselves for that," Saulius Skvernelis, Lithuanian Interior Minister, said earlier this week.

The Baltic country's officials have been working actively to prevent the spread of counterfeit euro banknotes after Lithuania joined the euro zone on Jan. 1, 2015.

According to the Interior Ministry, except 500 euro banknote, counterfeit banknotes of all nominations have been found in the country. 50 euro bills are the subject of most forgeries.

Most of the fake banknotes are found in retailers in Vilnius, Kaunas and Alytus.

So far, police have found no evidence showing the source of the fake banknotes are based in Lithuania.

According to Skvernelis, counterfeit banknotes often arrive from western Europe.

Renatas Pozela, the deputy police commissioner, said the police is working to disclose all euro forgery cases. Seven suspects have been identified so far.

According to the interior ministry, further investigations are in progress.

In cooperation with Lithuanian police, a printing house of fake euros has been detected in one of the EU countries recently, its production might have been destined for the Baltic market, according to the minister.

Criminal groups operating in Europe have been testing Lithuanian cash market since the European single currency has been adopted, officials say.

"Lithuania is a new member of the euro zone. Therefore, it is natural that criminals are trying to test our market," Skvernelis said in a press release.

Stasys Kropas, president of Lithuanian banks association, believed the popular use of cash is one of the factors that attracted counterfeiters to the country.

Though fake banknotes have been found in the market, no forgeries have reached bank machines, Kropas stressed.

Residents of Lithuania have been urged to be more careful to identify counterfeit currency.

Officials told local residents to report to police if they suspect the bills they received are counterfeit. Endit