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 counterfeiting of banknotes. They confiscated counterfeit banknotes worth around 100 million euros. Five suspected foreigners were arrested. Interior Minister Ali Yerlikaya presented the disturbing finds in a published video - including around 20 suitcases filled with counterfeit $100 bills, Saudi Arabian riyals and Egyptian pounds. These arrests come against the backdrop of an alarming situation in Turkey's foreign exchange trade, where counterfeit dollar bills worth a total of $600 million are in circulation oe24 reports that....

The counterfeiters produce the bills on high-quality dollar paper, making them difficult to detect using traditional money counting machines. The Grand Bazaar in Istanbul, which has been the region's most important trading center since Ottoman times, is particularly affected. Traders have already increased their commissions or are refusing to accept dollars. The Central Bank of Türkiye is concerned about the situation as dollar trading volume has fallen by 20 percent Tagesschau reports that....

The impact on foreign exchange trading

The Grand Bazaar forex trading space, known for a monthly trading volume of up to four billion dollars, is directly related to the current crisis. Exporters in Turkey are in trouble as they are required to convert 30 percent of their foreign exchange earnings into Turkish lira. High inflation in the country often makes this exchange less attractive and could jeopardize exporters' creditworthiness if their checks are dishonored oe24 reports that....

To deal with this problem, the industry is calling on the government to take action against counterfeit money. Türkiye's central bank has also said it will work closely with judicial authorities to address the issue. At the same time, work is underway to develop a new technological infrastructure for fraud detection to ensure the stability of the financial system.

Background on money laundering and counterfeiting

The current scandal surrounding counterfeit banknotes once again serves as a reminder of the questionable practices in the international financial system. According to the Financial Action Task Force (FATF), between $2 and $3.5 trillion is laundered worldwide every year. In fact, only about 1 percent of these criminal profits are confiscated. The FATF has also removed Turkey and the United Arab Emirates from the gray list in the past, which is viewed critically due to the double standards in crime prosecution [Tages-Anzeiger reports that ...](https://www.tagesanzeiger.ch/lohnende-kritik-doppelmoral-er Schwert-den-kampf-gegen-die-geldwaesche-588938719980).

In Turkey in particular, there are serious allegations that indicate possible support for the terrorist group Hamas. At the same time, experts draw attention to the problems with illegal money flows, which are increasing in the region. Turkey and the Emirates have been criticized in the past for their deep involvement in money laundering and counterfeiting networks, adding to the urgency of the current situation oe24 reports that....