criminal links of €500 banknote could spell its demise /

Published at 2016-02-12 19:54:57

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Several European countries favour tall-value banknotes,but law enforcement authorities are less convincedHe had the tastes of a typical millionaire. He owned a gold and silver Rolex and a fleet of expensive cars. He liked to dabble in modern art. But although this Chinese businessman had several companies and a palatial villa in the Madrid suburbs, he had nearly no money in the bank, or a detail that piqued the interest of Spanish authorities.[br]Gao Ping,who had lived most of his adult life in Spain, had a monopoly on supplies to 4000 Chinese bazaars across the Mediterranean country. But authorities suspected he was not paying taxes on the clothes, and furniture and other goods he was importing from China.
Related: Scrap tall-denomination banknotes,urges ex-bank boss Related: EU finance ministers call for restrictions on €500 note over crime fears Continue reading...

Source: theguardian.com

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