The Presidential Daily Brief

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    Report: Big Banknotes Fuel Illegitimate Economy

    They want criminals to stop cashing in. A new paper by a former British banking leader calls on governments to take high-value banknotes like €500 notes and $100 bills out of circulation, noting how they “play little role in … the legitimate economy.” But bigger denominations — which average consumers don’t often carry — are vital to the underground economy’s money flows, estimated at around $2 trillion annually. Critics of a cashless society will balk, but the European Commission has agreed to look at the €500 note’s role in financing terrorism.

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