14. 05. 10. - 13:00
Britain refuses to trade with 500 Euro notes
Austrian travellers have been warned that the 500 Euro note is no longer available in Britain after evidence showed it was used mostly by criminals, British authorities have announced.
The United Kingdom does not use the Euro, and the 500 Euro note has not been criminalized, but the move means it will no longer be available from banks or money service bureaus, the Serious Organized Crime Agency (SOCA) said.
"There is no doubt that the main UK demand for the 500 Euro note comes from serious organized criminals," said the agency's deputy director, Ian Cruxton. "The banknote wholesalers have shown decisive leadership in withdrawing supply. This is a bold and welcome move which will cause substantial disruption to criminals' ability to move and launder large quantities of cash."
Criminals have historically moved cash out of the country by exchanging high-denomination notes for lower denominations, which are harder to detect, regardless of the currency, SOCA said. An analysis by the agency, however, showed that more than 90 percent of British demand for the 500 Euro note came from criminals.
"Today's announcement means that accessing 500 Euro notes will be much more difficult," SOCA said. "Anyone trying to source them will attract attention."
SOCA said it hoped the move would make it harder for criminals to move and launder money and take cash across borders undetected.