12 Jul 2016
On 4 May 2016, the Governing Council of the European Central Bank (ECB) decided to discontinue the production and issuance of the EUR 500 banknote. It did so taking into account the concerns of Europol and many Member States that this is a banknote that facilitates illicit activities. Based on the ECB’s decision, the issuance of the EUR 500 will be stopped around the end of 2018, although the banknote will remain legal tender and retain its value. In an exclusive special report for KYC360, Rob Wainwright, Director of Europol, discusses the impact of the ECB decision, considers why cash remains king for the criminal fraternity and considers how tackling the criminal use of cash requires a comprehensive series of measures beyond the discontinuance of high value banknotes.
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