100 million euros in counterfeit money in Istanbul: five suspects arrested!

100 million euros in counterfeit money in Istanbul: five suspects arrested!

In Istanbul, the Turkish police have made impressive progress in the fight against the falsification of banknotes. It confiscated fake banknotes worth around 100 million euros. Five suspicious foreigners were arrested. Interior Minister Ali Yerlikaya presented the disturbing finds in a published video-including about 20 suitcases filled with fake $ 100, Saudi Arabian riyal and Egyptian pounds. These arrests are made against the background of an alarming Situation in Turkey's foreign exchange trading, where fake dollar certificates worth a total of $ 600 million are in circulation [OE24 reports that …] (Https://www.oe24.at/weltchronik/100-million-euro-falschgelde- flebht-fuenf-verdaechtigen/63552952).

The counterfeiters produce the notes on high -quality dollar paper, which makes it difficult to recognize them with conventional money counting machines. The large bazaar in Istanbul, which has been the most important trade center in the region since the Ottoman period, is particularly affected. Dealers have already increased their commissions or refuse to accept dollars. The central bank of Türkiye is concerned about the situation because the dollar trading volume has decreased by 20 percent Tagesschau reports that ....

The effects on foreign exchange trading

The space for foreign exchange trading in the large bazaar, known for a monthly trading volume of up to four billion dollars, is directly related to the current crisis. Exporters in Türkiye are in difficulties because they are obliged to exchange 30 percent of their foreign exchange revenue in Turkish Lira. The high inflation in the country often makes this exchange less attractive and could endanger the creditworthiness of exporters if their checks are not redeemed [OE24 reports that …] (Https://www.oe24.at/weltchronik/100-million-euro-falschgelde- flebht-fuenf-verdaechtigen/63552952).

To master this problem, the industry demands from the government to take measures against counterfeit money. The Central Bank of Türkiye has also announced that it would work closely with the judicial authorities to tackle the problem. At the same time, a new technological infrastructure for fraud detection is being used to ensure the stability of the financial system.

Background for money laundering and fake

The current scandal for false banknotes once again warns the questionable practices in the international financial system. According to the Financial Action Task Force (FATF), between $ 2 and 3.5 trillion are washed worldwide annually. In fact, only about 1 percent of these criminal profits are confiscated. In the past, the FATF has also deleted Turkey and the United Arab Emirates from the gray list, which is critically evaluated due to the double standards in crime tracking [Tages-Anzeiger reports that …] (Https://www.tagesanzeiger.ch/lohnende-verbruch-doppelmoral-erschwert-kampf-Diegelwaesche- 5889319980).

In Turkey, especially in Türkiye, there are serious allegations that indicate possible support from the Hamas terrorist group. At the same time, experts draw attention to the problems with illegal money flows that increase in the region. Turkey and Emirates have been criticized in the past because of their deep involvement in money laundering and counterfeiting networks, which increases the urgency of the current situation [OE24 that reports that …] (Https://www.oe24.at/weltchronik/100-million-euro-falschgelde- flebht-fuenf-verdaechtigen/63552952).