BRUSSELS (Sputnik) – The European Council called on the EC and the ECB earlier on Friday to consider “appropriate measures” on high denomination notes based on Europol analysis, and submit a report by May 1.
“The EC and the ECB has been instructed to examine this issue and make appropriate proposals to the Council because terrorist organizations are thought to use 500 euro bills often,” the source said.
On February 2, the EC adopted an action plan to bolster the fight against financing terrorism with three priority areas of tracking financial operations linked to funding terrorism, disrupting sources of terrorism revenue and encouraging international cooperation.
Director-General of the European Anti-Fraud Office Giovanni Kessler expressed the need to abolish the 500 euro notes previously. Experts assess the bills are mainly used outside the European Union in countries whose population prefers keeping money in cash to opening bank accounts.
