Thursday, May 13, 2010
Banks and foreign exchange bureaux in Britain have stopped issuing 500 euro banknotes after 90% of them were found to be linked to tax evasion, terrorism or other crimes.
According to the Serious Organised Crime Agency (Soca), which secretly co-ordinated the voluntary move by banknote wholesalers last month, there is “no credible legitimate use” for the note in the UK.
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It said most of the high-value 500 euro notes, worth more than ¬£426 each, are instead being used by criminals who want to discreetly transport large quantities of cash.
An adult male can stuff and swallow 150,000 euros and 20,000 euros can be hidden in a cigarette packet.
This article was posted: Thursday, May 13, 2010 at 7:38 am