Photo: Spotting Counterfeit Money
Peru has just surpassed Colombia as the number one counterfeiter of U.S. currency in the world.
The U.S. Secret Service, that monitors counterfeit currency, is reporting that over the last decade $103 million dollars in fake money was seized that originated from Peru. The counterfeit business in Peru has become so prevalent that it is more profitable than the trafficking of cocaine.
What’s Peru edge in the counterfeit business? Why are they so good? Experts say Peruvian counterfeit money is high quality because it is finished by hand, specifically children’s hands. Children insert the security strips in each fake bill which requires incredible skill. Peru also has cheap labor and some say ineffective law enforcement that allows the business of counterfeit money to flourish.
In response, the U.S. has opened up a office in Lima, Peru to help local police spot counterfeits and spot the surge of counterfeiting in the country. This the only the fourth office of the U.S. Secret Service in Latin America.