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The note itself has not been criminalised but people will not be able to get it over the counter in the UK.
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Said Deputy Calleary:
I’ve never seen €500 notes myself, and there is not a huge demand for them. Large denominations make it easier for criminals to carry large amounts of money. What we need to do in terms of carrying cash is make it harder for people to carry large denominations.
He said he didn’t see the removal of €500 notes as having much impact on people in everyday life.
Using larger denominations enables criminals to transport large amounts of money without incurring extra weight, making it easier to disguise or hide the cash.
Though he cautioned that it is not his “number one priority”, Deputy Calleary said he was behind “anything that makes life difficult for money launderers or criminals”.
He noted that for the move to come into play, it would have to be looked at on a Europe-wide basis.
“It is something that I intend to look into further in the course of the next six months,” he said. “It would have to be pioneered and championed by the Government.”
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Both appeared wishing to be somewhere else. French economy continues to decline be in a situation to the bailout countries or will a different solution be offered to keep the euro zone together. German public want the old Dmark back is a telling its own tale of the failure of the euro currency.
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