(27 Feb 1996) English/Nat
The number of high quality counterfeit U-S dollars in circulation is growing immeasurably, according to a Congressional report.
The General Accounting Office estimates that 200 (m) million fake dollars were in circulation in 1994.
It believes the bogus money is being printed in the Middle East, possibly in Iran, but adds the counterfeit presses present no immediate threat to the U-S economy.
The General Accounting Office Tuesday confirmed the existence of the so-called Super Dollar - a highly sophisticated counterfeit bill which can escape detection even under close scrutiny.
The U-S treasury has already developed a new safer bill, but it won't go into circulation for some months and the old bills will remain legal tender.
This has alarmed some U-S lawmakers.
SOUNDBITE:
"Well, first of all the G-A-O confirms that there is a Super Dollar. A very high quality counterfeit dollar in hundred dollar denominations showing up, cropping up, increasingly abroad. Secondly, they confirm that secretariats, while they're concerned about it, and treasury, while they're concerned about it, do not really have an accurate way of approximating the size of this particular problem."
SUPER CAPTION: Republican Jack Spratt, South Carolina
Congress heard expert testimony indicating a potential crisis in the confidence of U-S currency abroad, especially in the former Soviet Union where the mafia, money laundering and counterfeiting are linked.
SOUNDBITE:
"The U-S embassy in Moscow talks about meeting with Victor Malenkov who's the director of foreign currency regulation for the Russian's central bank. Malenkov, who's very worried about mafia penetration of the Russian banking system, told the Americans at our embassy that he feared up to 15 to 20 percent of the U-S currency in circulation in Russia was counterfeit."
SUPER CAPTION: Kenneth Timmerman, Director Middle East Data Project
The source of the Super Dollar is unknown.
But speculation, although without direct proof, has centred on Iran.
SOUNDBITE:
"By providing a few tens of (m) millions of dollars a year, Iran can significantly increase the capacity of a terrorist group like the Islamic Jihad or Hamas that was responsible for the terrible bombing the other day in Israel."
SUPER CAPTION: Patrick Closson, Institute for National Strategic Studies
The U-S Secret Service is preparing to send special agents trained in the detection of fake bills to work overseas.
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