DINAR REVALUATION UPDATE: IRAQ IS TAKING PROACTIVE MEASURE AGAINST COUNTERFEITING, 26 AUGUST

Parliamentary Security Committee: 7 Strikes Against Currency Counterfeiting Networks in 2024

The Parliamentary Security Committee has confirmed a series of successful operations against currency counterfeiting networks in 2024 [4]. These operations, totaling seven strikes, have significantly disrupted criminal activities targeting the Iraqi economy. Counterfeiting poses a serious economic threat, and the actions taken by specialized Iraqi security teams demonstrate a growing intelligence capability in monitoring and preventing crimes that could undermine national financial stability.

International Networks and Internal Threats

The committee member, Yasser Iskandar, highlighted the involvement of international networks in currency counterfeiting [4]. These networks, operating both inside and outside of Iraq, aim to drain resources and destabilize the economy by flooding the market with fake currency. The successful strikes against these networks have led to numerous arrests and the seizure of large sums of counterfeit money across various governorates, including Baghdad.

Technological Advancements and Counterfeiting

Globally, the resurgence of counterfeit currency has been attributed to advancements in technology, making it easier to duplicate banknotes to a degree that is difficult to detect [3]. Sophisticated scanning and printing devices have enabled criminals to create convincing counterfeits that can be mixed with legitimate currency. This trend has been observed in several countries, reflecting a common challenge for law enforcement and financial authorities.

EU and U.S. Counterfeit Rates

Comparatively, the European Union (EU) has seen an increase in the use of fake notes and coins, up by 16% and 22% in 2023 compared to 2022 [3]. The United States, however, still grapples with a significant counterfeit currency issue, with the Secret Service reporting the seizure of $22 million in fake banknotes in 2023, resulting in 197 arrests [3].

Prevention and Enforcement Measures

In the EU, the European Commission's anti-counterfeiting strategy is based on four pillars: prevention, repression, training, and cooperation [6]. Measures include a system for information collection, designated national authorities for analysis, national central offices for investigation coordination, and authentication measures applied by credit institutions and other cash handlers. The European Technical and Scientific Centre supports national authorities with technical assistance, training, and classification of new types of counterfeit coins.

Ongoing Challenges

Despite the success of the Parliamentary Security Committee's operations in Iraq, the global nature of currency counterfeiting requires continued vigilance and international cooperation. The sophistication of printing and editing tools continues to challenge enforcement efforts worldwide.

In conclusion, the efforts of the Parliamentary Security Committee in Iraq highlight the importance of proactive measures against currency counterfeiting. The operations conducted in 2024 have underscored the critical role of intelligence and law enforcement in safeguarding economic stability against the threat of counterfeit currency.