WRITTEN QUESTION E-3213/01 by Philip Bradbourn (PPE-DE), Philip Bushill-Matthews (PPE-DE),Martin Callanan (PPE-DE), Jacqueline Foster (PPE-DE), Daniel Hannan (PPE-DE),Christopher Heaton-Harris (PPE-DE), Roger Helmer (PPE-DE),Piia-Noora Kauppi (PPE-DE), Timothy Kirkhope (PPE-DE),Neil Parish (PPE-DE), Charles Tannock (PPE-DE)and Theresa Villiers (PPE-DE) to the Commission. The implication for money-laundering of the new EUR 500 note.
Date: 2001-11-22
Institutions: European Parliament, Provisional data
Subjects: euro, money laundering, paper money

20.6.2002

EN

Official Journal of the European Communities

C 147 E/133

The provision of this information is part of a long-standing practice within the Commission. Indeed, since
1986, the Commission has undertaken to provide a Business Impact Assessment on proposals with a
significant impact on business. The business impact assessments are carried out on a decentralised basis by
the service responsible, and are included in the official COM document in order to provide information to
the final decision-makers, and the interested public, on the estimated business impact of the proposal.

(1) OJ C 77, 18.3.1993.

(2002/C 147 E/140)

WRITTEN QUESTION E-3213/01

by Philip Bradbourn (PPE-DE), Philip Bushill-Matthews (PPE-DE),
Martin Callanan (PPE-DE), Jacqueline Foster (PPE-DE), Daniel Hannan (PPE-DE),
Christopher Heaton-Harris (PPE-DE), Roger Helmer (PPE-DE),
Piia-Noora Kauppi (PPE-DE), Timothy Kirkhope (PPE-DE),
Neil Parish (PPE-DE), Charles Tannock (PPE-DE)
and Theresa Villiers (PPE-DE) to the Commission

(22 November 2001)

Subject: The implication for money-laundering of the new EUR 500 note

Bearing in mind that only two EU Member states (Germany and Holland) use banknotes of comparable
value to the EUR 500 note that will enter circulation in January 2002 and that the Deutschmark has for
some years been the banknote of choice for criminals across large parts of Europe, can the Commission
say why it believes there is any need for a note 5 already dubbed the ‘gangster’s note’ 5 of such a high
denomination, whether police forces were consulted before the decision was made to issue it and whether
the Commission would be prepared to recommend the note be withdrawn if, following its introduction,
Europol or Interpol were to conclude that it significantly assisted organised criminals in carrying-out their
activities, including the purchase of large quantities of drugs or nuclear material?

Can the Commission indicate whether it would have been possible to generate sufficient liquidity within
the Eurozone by January, 2002 had the decision been taken to make the EUR 200 note the largest
banknote to be issued?

Answer given by Mr Solbes Mira on behalf of the Commission

(16 January 2002)

Some participating Member States 5 Belgium, Germany, Italy, Luxembourg, the Netherlands and Austria
5 currently have high-value banknotes in a range of € 200 to € 600. A banknote of DM 1 000 is, for
instance, in circulation in Germany. Hence, at least part of the European population is accustomed to
using high-value banknotes for transactions and as a store of value. In this respect, high denominations of
euro banknotes are replacing some high denominations of national banknotes.

It is of course difficult to assess to what extent the euro will be used in unlawful transactions. And even
more difficult to predict whether the € 200 and € 500 banknotes will have an influence on such use.

The Commission will, within the limits of
disproportionate use of euro banknotes in unlawful transactions after 2001.

its competence, endeavour to detect any evidence of

The Commission is not aware of any studies on how the denominations of banknotes would effect the
liquidity within the euro zone.