500-euro bill, beloved by money launderers, is discontinued
{{#rendered}} {{/rendered}}
The 500-euro bill is being discontinued after criticism that the banknote had become a handy aid to money laundering.
The European Central Bank's 25-member governing council made the decision at a meeting Wednesday.
Banknotes currently in circulation will remain legal but will no longer be issued after late 2018.
{{#rendered}} {{/rendered}}
The ECB said it was "taking into account concerns that this banknote could facilitate illicit activities."
The bills — the biggest denomination for the euro — are rarely seen in day-to-day circulation, and some merchants don't take them. Yet they make up around 30 percent of the roughly 1 trillion euros ($1.15 trillion) in circulation and have turned up in money-laundering investigations.
A million euros in 500-euro bills weighs 2.2 kilograms (just under 5 pounds) and fits in a laptop bag.