The European Central Bank (ECB) decided on Wednesday (05/04/2016) wholesale withdrawal of euro banknotes. Until 2018 remain outstanding. Over 600 million of these notes will be exchanged for other smaller denomination. As they shall print more than the minor. In the best case, were calculated for this process more than 500 million euros, recently reported the German newspaper “FAZ”. Domestic banks are responsible for printing.
The ticket of 500 €, adored by mafias
500 represents only 3% of all euro banknotes, but they can quickly reach large sums. The cash remains one of the most common time to launder capital in almost all sectors of organized crime instruments, they found the police authorities of the EU after an analysis a few months ago.
Apparently, all networks criminals use cash to cover up the source of income, transport and introduce legally in economic and financial cycles. The cash is anonymous owner can change quickly and is difficult to track.
One can only speculate the value of money in circulation for lack of reliable information. It is estimated, according to the Financial Action Task Force, especalizada in the fight against money laundering, an international organization created by various governments in the world circulate among a hundred billion and one million US dollars million.
One million euros fits in the lining of a portable
the amounts are so large that the volume reduction becomes important. And that’s where the 500 euro note becomes part of the game because a million euros in 500 notes weighs about 2.2 kilos and fits into the lining of a laptop. The same amount 50 euro would weigh 22 kilos and fill a sports bag. Anyone who wants to smuggle illegal money or buy a home to launder money, would use “happy” these high denomination notes.
In fact, the amount of 500 euro in everyday economic life is surprisingly high. According to Europol, only 500 were a third of the total value of banknotes euros spent by the end of 2014, ie about 300 billion euros gross. Europol is questioned for what they were actually used, said the police authority in its analysis in July 2015, since they are not a usual means of payment. Even many citizens had not ever seen. In Britain, they are prohibited by the existence of a true illegal market around the coveted tickets.
Please banknotes 500 euros
the question is whether the disappearance of tickets, counteract criminal acts. The underground economy expert Friedrich Schneider of Linz University, said that money laundering would take place mainly through fictitious companies and not with cash. Bundesbank President Jens Weidmann, was also skeptical.
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