UK exchange offices stop selling €500 banknotes
In a move which may well be a sign of the future it has been revealed that UK currency exchanges have stopped selling €500 banknotes because of their connection with organised crime. The Serious Organised Crime Agency believes that 90% of such notes in the UK are now in the hands of organised criminals who are using them to hide profits and move funds easily around Europe.
The note, which is worth around £400, has been at the centre of international concern for some time now and an eight-month investigation by the Serious Organised Crime Agency appears to have confirmed its use in money laundering circles. Once illegal funds have been transferred into legal tender it is very difficult to keep track of them as they can easily be reintroduced into many economies around the world.
When you consider that £1 million in £20 notes weighs in the region of 50 kg and the equivalent in €500 notes weighs just 2.2 kg it is not difficult to see why it has become the currency of choice by criminal gangs. It is believed that sales of the €500 notes were withdrawn on 20 April although very little fuss was made by the authorities.
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