Jonathan Lipow

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The 500-euro note is sometimes called the “Bin Laden” — after all, Europeans may never see the 500 euro, but they know it is out there somewhere. Unfortunately, Al Qaeda’s leader and the 500-euro bill are connected in another way: high-denomination bills make it a lot easier for terrorists to operate.

Organized crime has always been a cash industry. In 1969, the Treasury stopped issuing $500, $1,000, $5,000 and $10,000 bills specifically to impede crime syndicates — the only entities that were still using such large bills after the introduction of electronic money transfers.

Nowadays, terrorist networks have become important users of cash.…  Seguir leyendo »