They make the finest counterfeit money in the world. The U.S. just recovered $30 million worth


#1

Washington Post:

They make the finest counterfeit money in the world. The U.S. just recovered $30 million worth

The Secret Service announced the largest successful seizure of operational counterfeit currency in the history of the agency. (Reuters) The Secret Service announced the largest successful seizure of operational counterfeit currency in the history of the agency. The Secret Service announced the largest successful seizure of operational counterfeit currency in the history of the agency. (Reuters)

The product is carefully created in rural facilities throughout the Peruvian countryside using cheap labor, then hoarded in stash houses controlled by violent gangs in Lima.
Once there, the goods are packed into parcels, loaded onto planes or hidden inside luggage, pottery, hollowed-out Bibles, sneakers, children’s toys or massive shipping containers bound for major U.S. ports of entry, such as Miami.

The product’s ultimate destination, according to the U.S. Secret Service, is generally New York, New Jersey, Boston and the greater Northeast.
It’s here, federal authorities say, that a few powerful organizations pass the product to splinter groups that control the streets, reaping huge financial rewards before authorities have time to react.
It’s an illicit trade that bears an uncanny resemblance to narcotrafficking, and while there is some overlap between the two activities, this “product” has nothing to do with cocaine.
But the profits created by smuggling the counterfeit currency known as the “Peruvian note” — generally considered the finest fake money on the planet — are just as staggering, if not more so, according to the Secret Service. Responsible for producing and distributing an estimated 60 percent of the world’s counterfeit U.S. notes, more fake American money comes from Peru than any other country, according to the Secret Service, which has been combating the currency’s rise since 2003.

“It’s very similar to the drug war,” said Jose, a Secret Service agent who leads the agency’s efforts to crack down on the trade in Peru and declined to provide his last name. “The modus operandi is very similar, and a lot of the smuggling routes and the hierarchy of organizations involved are very similar, as well as the execution.”
“A lot of these organizations are family-run,” he added. “Making a counterfeit note is a skill that’s been passed down. It’s an art, and the skill isn’t easily transferrable.”
Last week, the Secret Service announced its largest seizure of counterfeit currency to date, after recovering $30 million in fake U.S. bills and 50,000 euros piled in houses and apartment buildings in Lima.
Known as Operation Sunset, the massive effort involved 1,500 Peruvian National Police officers and resulted in a total of 54 search warrants and 48 arrests in Lima.
“Additionally six counterfeit plants were suppressed, eight counterfeit manufacturing presses seized and over 1,600 printing plates and negatives of varying denominations were found,” the agency said in a news release.


#2

I am sure ISIS and maybe some countries like North Korea and Iran are doing the same thing. To debase a country’s currency is a powerful weapon of war. Too bad for them, many people in advanced countries never use currency anymore.


#3

Anyone have a guestimate on how many years away are we from cash being abolished? Not liking that at all.


#4

Even if they were to go to a completely cash-less society, it would still be possible to ‘counterfeit’, but instead of printing with ink and paper, it would involve crafty computer skills to basically create money or ‘create’ access to.


#5

Mike, as you’ve basically pointed out; it’s already being done, it’s called, “Identity theft”


#6

Wait, I thought the Department of the Treasury made the finest counterfeit money in the world.


#7

That’s commissioned artwork :rotfl:


#8

Hey! You have to go through the first part of the Apocalypse before you can get to Apoc. 22!!! :):slight_smile:

But there’s no need to assume we are there. Reverting to silver and gold would make the currency far more secure.

ICXC NIKA


#9

India is moving in that direction.

India’s Modi Holds to 50-Day Pledge as Cash Chaos Intensifies
Indian Prime Minister Narendra Modi used a radio address Sunday to assure the country that the cash crisis caused by his plan to remove large-denomination bills from circulation will ease within his proposed 50-day period.

Modi said in the monthly radio address that the difficulties India has encountered since he announced a ban on the use of 500 rupee ($7.30) and 1,000 rupee notes in a bid to curb graft should come to an end within the period he originally outlined…

The plan Modi announced on Nov. 8 has taken 86 percent of India’s currency out of circulation and given people until Dec. 30 to exchange the defunct notes for fresh ones.

And Sweden has not abolished cash, but it appears to be rarely used by the average person.

Sweden leads the race to become cashless society
…“I don’t use cash any more, for anything,” said Louise Henriksson, 26, a teaching assistant. “You just don’t need it. Shops don’t want it; lots of banks don’t even have it. Even for a candy bar or a paper, you use a card or phone.”

Swedish buses have not taken cash for years, it is impossible to buy a ticket on the Stockholm metro with cash, retailers are legally entitled to refuse coins and notes, and street vendors – and even churches – increasingly prefer card or phone payments.

According to central bank the Riksbank, cash transactions made up barely 2% of the value of all payments made in Sweden last year – a figure some see dropping to 0.5% by 2020. In shops, cash is now used for barely 20% of transactions, half the number five years ago, and way below the global average of 75%.

And astonishingly, about 900 of Sweden’s 1,600 bank branches no longer keep cash on hand or take cash deposits – and many, especially in rural areas, no longer have ATMs. Circulation of Swedish krona has fallen from around 106bn in 2009 to 80bn last year…


#10

Ive noticed I get strange looks lately at some places when I hand them cash, One lady at a dollar store last week even told me not many people pay with cash there anymore, I thought she was joking at first, but she was not.

I dont think this will happen anytime soon in the US, there is just too much corruption and illegal activity that relies on the anonymity of cash, but if more and more foreign nations make the switch and the US dollar is no longer the global standard, it could have a huge impact on our economy.


#11

It really doesn’t depend on the physical dollar to establish the US dollar as the global standard, banks and the trade floors haven’t dealt in the physical dollar (or for that fact, any currency) in decades. Precious metals pricings on the other hand are more closely based upon physical presence whereas oil seems to be curiously disconnected from the typical supply and demand structure.


#12

:thumbsup: :harp:


closed #13

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