Why is cash still king?: a strategic report on the use of cash by criminal groups as a facilitator for money laundering
In spite of steady growth in non-cash payment methods and a moderate decline in the use of cash for payments, the total value of euro banknotes in circulation continues to rise year-on-year beyond the rate of inflation. Cash is largely used for low value payments and its use for transaction purposes...
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| Format: | Electronic Book |
| Language: | English |
| Published: |
Den Haag
Europol
2015
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| In: | Year: 2015 |
| Online Access: |
Volltext (kostenfrei) Volltext (kostenfrei) |
| Check availability: | HBZ Gateway |
| Keywords: |
| Summary: | In spite of steady growth in non-cash payment methods and a moderate decline in the use of cash for payments, the total value of euro banknotes in circulation continues to rise year-on-year beyond the rate of inflation. Cash is largely used for low value payments and its use for transaction purposes is estimated to account for around one-third of banknotes in circulation. Meanwhile the demand for high denomination notes, such as the EUR 500 note, not commonly associated with payments, has been sustained. These are anomalies which may be linked to criminal activity. Perhaps the most significant finding around cash is that there is insufficient information around its use, both for legitimate and illicit purposes. The nature of cash and the nature of criminal finances mean that there is little, if any, reliable data available on the scale and use of cash by ordinary citizens, let alone by criminals. One of the few reliable figures available, that of the volume and value of bank notes issued and in circulation in the EU, leaves open questions around the use to which a large proportion of cash in issuance is put, especially when considering the EUR 500 note. From a total of approximately EUR 1 trillion banknotes in circulation as of end-2014, the use of a significant proportion of these remains unknown. Furthermore, the EUR 500 note alone accounts for over 30% of the value of all banknotes in circulation, despite it not being a common means of payment. Although it has been suggested that these notes are used for hoarding, this assumption is not proven. Even if this is the case, the nature of the cash being hoarded (criminal or legitimate) is unknown |
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| Physical Description: | 53 Seiten, Illustrationen |
| ISBN: | 9789295200487 |
| DOI: | 10.2813/698364 |
| Access: | Open Access |
