Less than 1% of counterfeit money in Europe was discovered in the Grand Duchy.

Minister of Finance Pierre Gramegna responded to a parliamentary question by LSAP MP Mars Di Bartolomeo.

In 2018, fewer than 1,000 counterfeit notes were found in Luxembourg, some 150 less than the year before.

50 euro notes are most commonly replicated, followed by 20 euro notes. The number of counterfeit 100 euro notes in circulation has declined sharply, accounting for just a third of counterfeits in the first part of 2018. In the first six months of 2019, they number just one in ten.

Banks detect the majority of counterfeit currency. Only 11% is discovered by commercial enterprises or private individuals.

This comes one day after reports that fraudulent notes had been exchanged in the Vosges area in France and these funds were making their way through Luxembourg.