EU to introduce tough penalties for distributors of fake currencies

Distributors of fake euro or other currencies could face tougher penalties under a draft EU law voted in the European Parliament's Civil Liberties Committee on Tuesday. It would require EU countries to set a maximum penalty of no less than eight years in jail for distributors and also allow police to use serious-crime tools, such as intercepting communications, to catch the culprits, said the EP in a press release. Fake euro have cost citizens and firms over 500 million euro since they came into general use in 2002. The euro is one of the three most-used currencies worldwide, making it a target for organised crime groups which specialise in forging money.