February 2, 2016
In the wake of the Paris attacks, European officials are stepping up their efforts to choke off funding for terrorists by going after large banknotes, virtual currencies such as Bitcoin and pre-paid cards.
Europe’s top law enforcement officials say the 500 euro banknote (worth about $546) makes life easier for criminals.
In a report last year, Europol said cash was still the “instrument of choice” for terrorists, and that it was easy to move the biggest euro bill around undetected.
The European Commission said it would work with Europol and the European Central Bank, which is responsible for issuing euro banknotes, to agree ways to clamp down on cash funding for terrorism.