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System for protecting the euro against counterfeiting

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System for protecting the euro against counterfeiting

SUMMARY OF:

Council Regulation (EC) No 1338/2001 - protecting the euro against counterfeiting

SUMMARY

The European Union (EU) has set in place a system to protect the euro against counterfeiting.

WHAT DOES THE REGULATION DO?

It sets up a system allowing EU countries’ to gather and exchange information on counterfeit notes and coins among themselves, with the European Central Bank (ECB), with the European Commission and with non-EU countries, where appropriate.

KEY POINTS

Scope

Council Regulation (EC) No 1339/2001 extends the scope of the Regulation to cover non-euro area EU countries.

Main features of the system for the protection of the euro

the systematic transmission of technical data on counterfeit euro notes and coins by EU countries’ authorities (mainly national central banks) to the ECB; the ECB is responsible for their storage and processing;

EU countries’ authorities must allow their National Analysis Centre to examine suspect counterfeit notes and allow the Coin National Analysis Centre to examine suspect coins. These bodies must send all new types of suspect notes to the ECB and all new types of suspect coins to the European Technical and Scientific Centre;

credit institutions, other payment service providers and other institutions that process and distribute notes and coins to the public have certain obligations. EU countries must provide for effective, proportionate and dissuasive penalties applicable to institutions that fail to discharge their obligations;

cooperation between the relevant authorities of EU countries (in particular, the national central offices established under the International Convention for the Suppression of Counterfeiting Currency), the ECB, the Commission. and the European Police Office (Europol);

centralisation of the information on euro-counterfeiting cases nationally and its transmission to Europol;

cooperation with non-EU countries and international organisations (including Interpol).

EU countries must communicate the list of authorities that they designate as competent to identify counterfeit notes and coins to the Commission and the ECB.

BACKGROUND

Introduced prior to the introduction of the euro in 2002, Regulation (EC) No 1338/2001 seeks to protect euro banknotes and coins against counterfeiting.

It complements a series of decisions taken previously:

setting up National Analysis Centres;

on the gathering of technical information on euro counterfeiting by the ECB and by the European Technical and Scientific Centre responsible for analysing euro coins;

introducing penal sanctions against euro-counterfeiting.

For more information, see:

ACT

Council Regulation (EC) No 1338/2001 of 28 June 2001 laying down measures necessary for the protection of the euro against counterfeiting

REFERENCES

Act

Entry into force

Deadline for transposition in the Member States

Official Journal

Regulation (EC) No 1338/2001

4.7.2001

-

OJ L 181, 4.7.2001, pp. 6-10

Regulation (EC) No 1339/2001 (extends the effects of the Council Regulation (EC) No 1338/2001 to the non-euro area countries)

1.1.2002

-

OJ L 181, 4.7.2001, p. 11See consolidated version

Amending act(s)

Entry into force

Deadline for transposition in the Member States

Official Journal

Regulation (EC) No 44/2009

23.1.2009

-

OJ L 17, 22.1.2009, pp. 1-3

Regulation (EC) No 45/2009

9.2.2009

-

OJ L 17, 22.1.2009, p. 4

RELATED ACTS

Council Decision 2001/887/JHA of 6 December 2001 on the protection of the euro against counterfeiting (OJ L 329 of 14.12.2001, pp. 1-2)

2001/912/EC: Decision of the European Central Bank of 8 November 2001 on certain conditions regarding access to the Counterfeit Monitoring System (CMS) (ECB/2001/11) (OJ L 337 of 20.12.2001, pp. 49-51)

Council Decision 2003/861/EC of 8 December 2003 concerning analysis and cooperation with regard to counterfeit euro coins (OJ L 325, 12.12.2003, p.44)

2010/597/EU: Decision of the European Central Bank of 16 September 2010 on the authenticity and fitness checking and recirculation of euro banknotes (ECB/2010/14) (OJ L 267, 9.10.2010, pp. 1-20)

Regulation (EU) No 1210/2010 of the European Parliament and of the Council of 15 December 2010 concerning authentication of euro coins and handling of euro coins unfit for circulation (OJ L 339, 22.12.2010, pp. 1-5)

2013/211/EU: Decision of the European Central Bank of 19 April 2013 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (ECB/2013/10) (OJ L 118, 30.4.2013, pp. 37-42)

Regulation (EU) No 331/2014 of the European Parliament and the Council of 11 March 2014 establishing an exchange, assistance and training programme for the protection of the euro against counterfeiting (the ‘Pericles 2020’ programme) and repealing Council Decisions 2001/923/EC, 2001/924/EC, 2006/75/EC, 2006/76/EC, 2006/849/EC and 2006/850/EC (OJ L 103, 5.4.2014, pp. 1-9)

Directive 2014/62/EU of the European Parliament and of the Council of 15 May 2014 on the protection of the euro and other currencies against counterfeiting by criminal law, and replacing Council Framework Decision 2000/383/JHA (OJ L 151, 21.5.2014, pp. 1-8)

Agreement between the European Police Office (Europol) and the European Central Bank (ECB) (OJ C 123, 17.4.2015, pp. 1-5)

last update 06.10.2015

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