Peruvian national nabbed with $4.5m in fake currency

US and Peruvian authorities have arrested a man in possession of $4.5m in counterfeit US currency after a year-long operation.

Pedro Sosa Inca Casana was detained on June 20 by agents from the US Secret Service and Peruvian National Police (PNP), who also found a commercial grade off-set printing press, uncut reams of paper with the $100 U.S. Federal Reserve Note watermark, and other paraphernalia from a store in Lima that served as a front for the counterfeiting operation.

Since October 2012, the Secret Service has supported the PNP in the seizure of over $23m in counterfeit US currency in Peru and the arrest of 41 Peruvian nationals, helping Peru to overtake Colombia in the dubious distinction of being the world's capital for dollar counterfeiting.

"This investigation addresses the continuing economic threats to our country and illustrates how well established law enforcement networks work together to disrupt international organized crime each day," commented Secret Service director Julia Pierson.

The US Federal Reserve has started to roll out new dollar bills with tougher security features to try to combat widespread counterfeiting. A new $100 note entered circulation last October.