UK Bans 500 Euro Note Sales 90% Involved With Crime - Ian Cruxton
500 Euro Note Currency Of Corruption
The UK The Serious Organised Crime Agency (SOCA) has announced that 9 in 10 (90%) of all 500 euro notes in the UK are in the hands of organised crime. This has led all sales of 500 euro notes being banned in the UK in an attempt to clamp down and stop its use by drug gangs and other criminals for moving and laundering huge sums of money from criminal activity.
Visitors from abroad with 500 euro notes will be able to exchange them for smaller denomination notes but exchange bureaus will not give the note out to customers.
Ian Cruxton, Deputy Director of SOCA, said:
"The 500 euro note is really the note of choice among criminals".
One 500 euro note is worth over £400 and this makes it easier and more convenient for criminals to move huge amounts of sterling around in relatively small packages compared to sterling. The British trade in 500 euro notes is thought to be around 500 million euros.
The Serious Organised Crime Agency said there there was 'no credible legitimate use' for the notes - which are worth £426 each.