500-euro notes withdrawn in Britain

LONDON - British bank wholesalers have withdrawn notes of 500 euros ($424) denomination from domestic sale because they are almost exclusively used for organised crime, police said Thursday.

The decision to end trading was made after police found that 90 percent of the notes in circulation were linked to crime, tax evasion and terrorism.

The move would bring to an end annual movement of almost 500 million euros - predominantly between businesses - of the distinctive note, the largest euro denomination available.

The Serious Organized Crime Agency (SOCA), which coordinated the voluntary industry move, said there is “no credible legitimate use” for the note in Britain.

The pink-and-purple note was a favourite with criminals because it takes up less space than other currencies and is accepted across Europe.

Britain does not use the euro, retaining pound sterling as its national currency.