Wednesday, October 28, 2020

Denmark Bans €500 Note To Stymie Money Laundering

Denmark Bans €500 Note To Stymie Money Laundering 1
By Olaalpha

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Denmark Bans €500 Note To Stymie Money Laundering 2

Denmark has decided to ban 500-euro notes in an attempt to fight money laundering in the country.

The decision was made despite a request by the European Central Bank (ECB) not to ban the note. But Danish authorities says that the bills’ use for criminal activities justifies the ban, adding that the ECB even decided to stop printing the notes in 2016 under the recommendation of the global anti-laundering organization Financial Action Task Force.

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