The ECB has decided to stop issuing the €500 note due to its seeming link to criminality. Unfortunately, this claim has never been proven by an in-depth empirical study on the subject. In fact, “today most criminal activities are happening online and through electronic means of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More, not through Money in physical form such as banknotes and coins. More”. Terrorists use other, more complex means as they are less conspicuous and offer the freedom to transfer large amounts across the globe without having to travel with a suitcase full of bills.
All weapons and explosives used in the Paris terrorist attacks in November 2015 were purchased by other means than cash. The same trend was recorded in Australia where the Somalia-based terrorist group, Al-Shabaab, used false names to transfer From the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More.
The desire to abolish high Each individual value in a series of banknotes or coins. More notes is mostly supported by banks who wish to gain more interest. In fact, the majority of €500 notes were used for The term refers to the use of cash as a store of value. However, the term has a negative connotation of concealment, and is often used in the context of the war on cash. See Precautionary Holdings. More purposes (they represent 3.2% of The name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More banknotes in circulation but 30% of euro cash stock value). As mentioned in a Financial Times article, the cost of a Secure container for storing money and valuables, with high resistance to breaking and entering. More deposit in a bank is 6 times higher when hoarding €3 million in €50 notes vs. the same amount in €500s (€380 vs €60).
Having access to high denomination notes offers the public the liberty to choose how they want to store their money. Abolishing these notes not only results in a loss of freedom but it also strengthens the bank lobby while terrorists continue to finance their grisly activities, undisturbed.
To read the Global Treasury Intelligence article, click here.