Of the $380 billion in U.S. currency in circulation, over 60% may be held outside the U.S. The widespread use of U.S. currency abroad, together with outdated security features of the currency, make it a particularly vulnerable target for international counterfeiters. This report provides information on the nature of counterfeiting of U.S. currency abroad; the extent of that counterfeiting and of concerns about this issue, and the status of the U.S. efforts to deter such counterfeiting of U.S. currency abroad. Color illustrations.

Hearing on the problem of counterfeiting of U.S. currency abroad and its implications. Legislation making international counterfeiting of U.S. currency a Federal offense was only passed in 1994. Counterfeiting is one part of a double problem, the other being money-laundering; the two are usually found together. Witnesses include Theodore Allison, Board of Governors, Federal Reserve System; Jack Blum; Eljay Bowron, Director, U.S. Secret Service; Institute for National Strategic Studies; Dept. of the Treasury; American Numismatic Assoc; Robert Sims, State Dept.; and Kenneth Timmerman, Middle East Data Project.