Scrap €500 note says fraud boss

Europe should scrap the €500 euro note, says Dutch fraud boss Jos van Leijen in today’s Financieele Dagblad. The move would make it harder for criminals to transport and launder their ill-gotten gains.

‘Transporting money is harder for criminals than transporting drugs. We frequently come across €500 notes in fraud and money laundering operations, and yet nobody pays with them.’
Van Leijen says exchange offices, property valuers and notaries play a pivotal role in money laundering and called for more cooperation between financial institutions.

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