END HIGH DENOMINATION BANKNOTES TO CUT CRIME, SAYS EXPERT
February 1st, 2016
Governments worldwide should eliminate their high denomination banknotes, such as EUR500, USD100, Swiss francs CHF1,000 and GBP50, as a way to cut an annual USD2 trillion in financial crime and USD1 trillion in corruption globally, according to former Standard Chartered bank chief executive Peter Sands.
In a new report written for the John F Kennedy School of Government, at Harvard University, ‘Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes’ does not call for an end to cash but points to a growth in electronic payment ...
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