A FIANNA FÁIL TD has called for the €500 note to be done away with, because of its role in money laundering and criminal activity.
FF justice spokesman Dara Calleary told TheJournal.ie that he made the call after a UK report showed the €500 note is used by heavy criminals.
Banknote wholesalers in the UK have stopped supplying the €500 note after evidence from the Serious Organised Crime Agency (SOCA) showed that more than 90 per cent of demand for the note came from criminals.
The note itself has not been criminalised but people will not be able to get it over the counter in the UK.
Said Deputy Calleary:
I’ve never seen €500 notes myself, and there is not a huge demand for them. Large denominations make it easier for criminals to carry large amounts of money. What we need to do in terms of carrying cash is make it harder for people to carry large denominations.
He said he didn’t see the removal of €500 notes as having much impact on people in everyday life.
Using larger denominations enables criminals to transport large amounts of money without incurring extra weight, making it easier to disguise or hide the cash.
Though he cautioned that it is not his “number one priority”, Deputy Calleary said he was behind “anything that makes life difficult for money launderers or criminals”.
He noted that for the move to come into play, it would have to be looked at on a Europe-wide basis.
“It is something that I intend to look into further in the course of the next six months,” he said. “It would have to be pioneered and championed by the Government.”
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