Fake millions found in Colombia

Colombia is known for faking banknotes

Colombian police have made Latin America's largest seizure of fake euros in an international operation.

The haul of counterfeit notes included two million euros and two million dollars, in 50 and 100 notes, as well as forging equipment.

One man was arrested and three others are being sought, police said.

Colombia is reckoned to have some of the best forgers in the world - a legacy of its illegal drugs trade, for which fake papers are essential.

French involvement

Police in Bogota say the notes seized in the raid were of the highest quality.

The operation was conducted with French anti-fraud agents and US authorities.

Colombian officials said the counterfeiters had been turning out 500,000 false euros a day.

It is the latest success against Colombian forgers. In July police discovered a fake-euro factory in Bogota, and confiscated over 50,000 euros.

Colombia is thought to be responsible for more than half of the counterfeit dollars in circulation throughout the world.

Secret service

The forging tradition centres around the city of Cali, where the infamous drug cartel of the same name used to be based.

The BBC's Jeremy McDermott in Medellin says the cartel used forgers to create false company papers, export orders and identities.

But when its leaders were arrested in 1995, the forgers found themselves without their best paying customers and turned to counterfeiting bank notes.

The US secret service has a permanent presence in Colombia to fight the scourge of illegal dollars, and has helped police score a number of successes over the last two years.

The latest raid would appear to be evidence that the counterfeiters have decided it is time to turn their attention to the euro, our correspondent says.