Official: Counterfeit money cases have doubled since revolution

Official: Counterfeit money cases have doubled since revolution

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Thu, 26/04/2012 - 14:09

The Egyptian government has identified about 1,500 local and foreign counterfeit currency crimes since the outbreak of the 25 January revolution, according to a fraud and forgery expert at the Justice Ministry’s Forensic Medicine Authority.

On the sidelines of the International Conference on Combating Fraud, Counterfeiting, Money Laundering and the Financing of Terrorism Wednesday, Ibrahim Abdel Aziz, expert and member of the Arab Federation of Forgery and Counterfeit Control (ARABFC), told Al-Masry Al-Youm that the government now averages 100 cases a month, compared to less than 50 a month in 2010.

Egypt's lack of security is the main factor behind the rise in these crimes, he said, explaining that some of the fraudulent foreign currency has been brought into Egypt from abroad, while local currency has been mostly counterfeited at home.

Abdel Aziz said most local currency counterfeiters are Egyptians, while foreign currency counterfeiters are commonly Egyptian and nationals from across Africa.

During the conference, Freedom and Justice Party MP Essam al-Erian called on the ARABFC, in cooperation with the Forensic Medicine Authority’s fraud and forgery research unit, to determine measures needed to address both local and foreign counterfeiting and forgery.

Erian called on the ARABFC to present its recommendations to Parliament so they can be implemented prior to the upcoming presidential election.

Edited translation from Al-Masry Al-Youm