The European Central Bank, to withdraw € 500 note

€ 500 notesImage copyrightGetty Images
The European Central Bank (ECB) said it would no longer produce € 500 (£ 400, $ 575) note because of fears that could facilitate illegal activities.

The decision was made following an investigation by the European Commission in February of the notes used in the way.

Senior ECB officials said at the time that they need more evidence that the notes facilitated criminal activities.

UK banks are asked to suspend the processing of € 500 notes in 2010 after a report found that they were mainly used by criminals.

ECB says € 500 banknote remains legal tender, and always retain its value.

He will cease to issue a note around the end of 2018, when he will bring a new € 100 and € 200 banknotes.

A report earlier this year at the Harvard Kennedy School, called the 20 largest economies in the world, to stop issuing the largest notes in circulation - £ 50, $ 100 and € 500 notes - to fight crime.

Peter Sands, the former Executive Director of Standard Chartered Bank, said the high-denomination banknotes were favored by terrorists, drug barons and tax evaders.

Illegal cash flows exceed $ 2 trillion (£ 1,4 trillion) a year, he said.