International terrorists, money launderers and German car buyers will have to rethink their currency options after the European Central Bank moved to make the €500 bill a thing of the past.
While many Europeans have never set eyes on the purple notes — and few shops accept them — they have featured prominently in EU discussions about how to choke off terrorist financing, a key concern since the Paris attacks.
Rob Wainwright, director of European police agency Europol, has called high-denomination notes the “currency of choice” for criminal and terrorist networks, while policymakers complain that many of the bills reside not in the eurozone, but in Russia.
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