Counterfeit Won Removed from South Korea in 2013

in Business Risk, Counterfeit Goods

The central bank in South Korea removed 3,585 counterfeit banknotes from circulation in 2013. In 2012, a total of 8,627 fake bills were removed from circulation.

The number of fake 50,000 won note that was removed declined by 74 percent to 84 bills in 2013. The number of counterfeit 10,000 won notes removed declined by 76 percent to 909 fake bills.

According to the Bank of Korea, the number of counterfeit money per 1 million banknotes in South Korea was 0.2. In comparison, Japan has a rate of 0.2 counterfeit banknotes per 1 million, while Australia has 10.2, Canada has 28, and Mexico has 33.7 fakes per million.

(How criminals make counterfeit money.)

Source:  Yonhap News Agency, “Fake bills fall 58.4 pct in 2013,” Global Post, February 23, 2014.

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