North Korea counterfeits dollars

WASHINGTON, Feb. 16 (UPI) -- Concerned about reports of North Korea counterfeiting U.S. currency the Treasury Department says it will introduce new $100 bills in 2007.

The Treasury Department's announcement -- in the president's 2007 budget request released last week -- follows the 2003 redesign of the $20 bill, the 2004 reworking of $50 notes and the issuing of new $10 bills last year.

The Treasury noted that the Bureau of Engraving and Printing was "successful in meeting its production and timeline goals for the rollout of the new $20 notes ... (and) will continue to work with the Advanced Counterfeit Deterrent Steering Committee to assess the impact of the new currency on anti-counterfeiting measures."

While earlier accusing Iran of forging U.S. currency, the Bush administration maintains that Pyongyang has for a number of years been printing and putting into distribution almost undetectable counterfeit $100 "supernotes" that have sporadically wound up in locations as distant as Las Vegas casinos.

According to the Korea Herald, U.S. Ambassador to South Korea Alexander Vershbow says that North Korea -- as a good faith gesture -- should relinquish its counterfeiting equipment, including printing plates, to show it is really determined to halt forging the notes.

South Korean Ambassador to the United States Lee Tas-sik told KBS television, "The United States has intelligence that up until recently North Korea has manufactured counterfeit money. The United States believes North Korea counterfeited 'supernotes' in the same place where it issues its (own) currency, not in separate facilities. I saw the supernotes and had an extensive briefing about the evidence and past cases of North Korean counterfeiting that the United States cited."

U.S. officials estimate that North Korea receives as much as $250 million annually from trafficking in the bogus currency.