North Korea printing massive amounts of fake Chinese currency, defectors say

UPI ^ | June 23, 2016 | Elizabeth Shim

[TigerLikesRooster]

North Korea printing massive amounts of fake Chinese currency, defectors say

The illicit project has Kim Jong Un’s approval.

By Elizabeth Shim Contact the Author | June 23, 2016 at 11:19 AM Follow @upi

SEOUL, June 23 (UPI) -- North Korea has been printing large amounts of counterfeit Chinese currency under the supervision of Kim Jong Un, a defector group said Thursday.

The South Korea-based organization North Korea Intellectuals Solidarity said the information is from a source based in North Korea, local news service Newsis reported.

According to the source, a mint in the North Korean city of Pyongsong in South Pyongan Province specializes in the printing of fake Chinese yuan, the group said.

A secret North Korean task force called "Unha," under the financial accounting department of the Central Committee of the Workers' Party, is managing the illicit project.

North Korea began printing the high-quality bills in 2013, and according to NK Intellectuals Solidarity, the task force has Kim's approval for a "three-step strategy."

"The fake currency is first circulated and tested in North Korean markets for sophistication, then tested for safety in a third country, then distributed in massive quantities in China," the activists said.

[chajin]

As they say on HGTV when renovating the kitchen, how does that counter fit...

[Vermont Lt]

The little fat guy has his mind set on pissing off everyone.

[TigerLikesRooster]

http://www.telegraph.co.uk/news/2016/06/28/north-korea-may-have-resumed-counterfeiting-operation/

http://www.telegraph.co.uk/news/2016/06/28/north-korea-may-have-resumed-counterfeiting-operation/

North Korea may have resumed counterfeiting operation

By Julian Ryall

28 June 2016 • 6:42am

Pyongyang appears to be back in the fake currency business, with Chinese police arresting a North Korean agent after he attempted to pass a new batch of high-quality counterfeit $100 bills.

The North Korean agent was arrested in the border city of Dandong after exchanging $5 million for Chinese currency at two banks and then depositing the funds, South Korea's JoongAng Daily reported.

Counting machines at the banks determined that a number of the notes were fake and the man - who has not been named - was arrested and the accounts frozen.

The agent has confessed to being a former member of the North Korean government division tasked with carrying out espionage against South Korea, sources in China told the South Korean newspaper.

The money was to be used to purchase household goods and home appliances, the paper reported. The appliances - a luxury in North Korea - were to be shipped over the border and presented by Kim Jong-un, the North Korean leader, to his loyal supporters.

US authorities estimate that North Korea started manufacturing fake $100 notes in the 1970s, but began crafting notes that were almost indistinguishable from genuine bills in the late 1980s. Dubbed "supernotes", the US estimated that Pyongyang managed to slip at least $45 million worth of the notes into circulation, primarily through its embassies overseas.

[HomerBohn]

This should light a fire under the Chinese hierarchy.

[TigerLikesRooster]

It's a family tradition.

[fella]

I hear that their forged hundred dollar bills are of higher quality than our own, that’s how the Treasury spots them.

[Sasparilla]

Iran and North Korea have made counterfeiting US currency an art form. Of course, as nations, they have an advantage of having access to actual banknote paper.

[Paulie]

If it’s true that No. Korea is merely a puppet of Beijing, this is hard to believe.

Either President Xi calls the shots or he doesn’t. Or has Kim gone rogue?

[mountainlion]

NK and Iran used to make the best US $100 bills.

[AppyPappy]

They used to make dollars until it got too hard to do it.

[BigEdLB]

Maybe the Chinese leadership will get some ideas from the climax of the movie, "The Interview". WARNING. LANGUAGE
https://m.youtube.com/watch?v=9U87VSTTBU4

[BigEdLB]

China will soon need to decide if they need to euthanize their lapdog.

[MeneMeneTekelUpharsin]

If true, big “Ruh Roh”.

[Little Ray]

‘Bout time they counterfeited someone else’s money. Lord knows they have counterfeited enough US money.

[Red Badger]

China will not like that.
Little Fatboy may not be long for this world.....................

[Red Badger]

Isaac Newton: 17th-Century London’s Dirty Harry

http://mentalfloss.com/article/13035/isaac-newton-17th-century-london%E2%80%99s-dirty-harry

Back in 1695, England’s Royal Mint discovered a serious problem: A massive portion of the circulating currency was phony. As counterfeiting methods grew increasingly clever, the Mint turned to England’s brightest mind for a solution. Isaac Newton was appointed Warden of the Mint, a one-man army who waded through London’s underbelly to restore the currency’s integrity. Most counterfeiters were easy prey for Newton, but William Chaloner, a shadowy kingpin, kept eluding his grasp.

[blam]

N. Korea Holds onto Chinese Trains Bringing Aid (NK brazenly rips off China)

[blam]

This may interest you:

The Crackdown Begins: Chinese Bank Sues To Seize Vancouver Real Estate Assets

[butlerweave]

All toilet paper is pretty much the same