Fake U.S. bills on rapid rise in South Korea

SEOUL, Sept. 24 (Yonhap) -- The number of fake U.S. banknotes discovered in South
Korea has increased 36-fold over the past four years, some of which is believed
to originate from North Korea, a ruling party lawmaker said Thursday, citing an
intelligence report.

Financial authorities discovered 11,008 US$100 bills last year, compared to the
306 detected in 2004, according to Rep. Kwon Young-se of the Grand National Party
who received the report from the National Intelligence Service.
The tally does not count fake bills that may be circulating in non-banking areas
such as currency exchange stores and casinos, which rarely report to authorities
so as to protect their customers or avoid complications, Kwon said in a press
release.
"The intelligence agency has determined that there would be twice or three times
more counterfeit banknotes discovered" in the country, he said.
The intelligence agency also believes North Korea was the origin of $1 million
worth of fake U.S. bills discovered in the southern port city of Busan in
November, Kwon said.
hkim@yna.co.kr
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