Police Seize 11 Million Fake Euros In Colombia

Europol said the bank notes were of good quality and were intended for distribution in Europe.

Police have seized fake euro banknotes with a face value of more than 11 million euros in Colombia, the largest seizure of counterfeit euros outside Europe to date, European police agency Europol said on Friday.

Colombian and European police raided a clandestine print shop in the capital Bogota on Thursday, where counterfeits of 200 and 500 euro notes were being made, the Hague-based police agency said in a statement.

The person running the print shop was arrested and the fake notes were seized, it said. Europol said the bank notes were of good quality and were intended for distribution in Europe.

The European Central Bank (ECB) said in July that the amount of fake euro banknotes was on the rise, with the amount seized jumping more than 15 percent in the first six months of 2008. It said most were bogus 50 and 20 euro notes.

The Frankfurt-based central bank has faced criticism in the past that the continued production of 500-euro notes is helping criminals to launder money. The notes have previously been linked with money launderers in Spain, Italy and Greece.

Several EU member states -- notably Germany -- had a tradition of high-denomination bank notes and this was respected when euro notes and coins were introduced in 2002.