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Britain axes 500 euro note over organised crime fears

13 May 2010 14:25 (UTC +04:00)

Baku â€“ APA-Economics. Such is its popularity among criminals, the 500 euro note has earned itself a nickname - the Bin Laden, Daily Mail reported.

It is so called because you know it’s out there, you know what it looks like, it moves around a lot but no-one ever sees it.

But the note’s days as a favourite for organized crime gangs, terrorists and money launderers may be numbered after it was withdrawn from circulation in Britain.

The Serious Organized Crime Agency said there there was ’no credible legitimate use’ for the notes - which are worth Â£426 each.

UK wholesalers agreed to stop selling the distinctive pink and purple note last month after Soca investigators found nine out of ten were used for illegal activities.

The move is likely to heap pressure on the European Central Bank to withdraw the note from circulation entirely. It remains legal tender in the UK and there are fears British criminals will now simply source their 500 euro notes on the continent, or turn to the smaller value 200 euro note which is worth Â£170.