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M-RCBG Associate Working Paper No. 52 Making it Harder for the Bad Guys: The Case for Eliminating High Denomination Notes Peter Sands Assisted by Ben Weisman, Maja Sostaric, Alex Smith, Joel Smoot, Ofir Zigelman and Joel Mathur 2016 Abstract Illegal money flows pose a massive challenge to all societies, rich and poor. Tax evasion undercuts the financing of public services and distorts the economy. Financial crime fuels and facilitates criminal activities from drug trafficking and human smuggling to theft and fraud. Corruption corrodes public institutions and warps decision-making. Terrorist finance sustains organisations that spread death and fear. The scale of such illicit money flows is staggering. Depending on the country, tax evasion robs the public sector of anywhere between 6% and 70% of what tax authorities estimate they should be collecting. Global financial crime flows are estimated to amount to over US$2tr per year. Corruption amounts to another US$1tr. Most of the effort to combat such illicit financial flows focuses on the perpetrators, the underlying criminal activities or on detecting illicit transactions through the banking system. Yet despite huge investments in transaction surveillance systems, intelligence and interdiction, less than 1% of illicit financial flows are seized. In this paper we suggest a different approach, one that would complement existing policies and make them more effective. Our proposal is to eliminate high denomination, high value currency notes, such as the €500 note, the $100 bill, the CHF1,000 note and the £50 note. Such notes are the preferred payment mechanism of those pursuing illicit activities, given the anonymity and lack of transaction record they offer, and the relative ease with which they can be transported and moved. By eliminating high denomination, high value notes we would make life harder for those pursuing tax evasion, financial crime, terrorist finance and corruption. Without being able to use high denomination notes, those engaged in illicit activities – the “bad guys” of our title – would face higher costs and greater risks of detection. Eliminating high denomination notes would disrupt their “bu

#Tribute: City boss Manuel Pellegrini once said he was “Milner’s No. 1 fan”: “Find me a more complete English player. “There are players who’re better technically, yes. Quicker players, yes. Players who head better, yes. “But show me one who does all the things Milner does well. There isn’t one.” High praise indeed. @lfconline @lfc_images @lfc_tv @lfcphotos @iamdanielsturridge @stevengerrard @jhenderson

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http://cashpackets.com/ref.php?ref=57418 @lfconline @lfc_tv

I don't know how all these persistent flaunting of money is supposed to mean anything positive or inspiring. I love your achievements #mayweather but not your comportment. You'll never walk alone #champ.

#champ #mayweather

Bob Paisley's first day in office. What times lay ahead... A 9 year period of immeasurable success!

Official Nobel portrait photo – William C. Campbell. For discoveries that have revolutionized the treatment of devastating parasitic diseases – thereby helping save the lives of millions of people from severe disabilities and death – William C. Campbell, Satoshi Ōmura and Tu Youyou were awarded the 2015 Nobel Prize in Physiology or Medicine. The global impact of their discoveries and the resulting benefit to mankind are immeasurable.

#whiteEmpress

#whiteempress

#casinoroyale #GoldenEmpress

#goldenempress #casinoroyale

#artislove #keepitsimple #ynwa

#artislove #ynwa #keepitsimple

The official Nobel portrait photo of Youyou Tu. Her discovery of an anti-malarial agent has revolutionized the treatment of the parasitic disease, which infects close to 200 million people yearly. The global impact of Tu's work in terms of improved human health and reduced suffering is immeasurable. During the 1960s and 70s, Tu took part in a major Chinese project to develop novel malaria therapies. She scoured ancient literature as old as 1,700 years for clues that ultimately led her to render a remarkably efficient anti-malarial agent, Artemisinin, from the Sweet wormwood plant. The discovery of Artemisinin has led to development of a new drug that has saved the lives of millions of people – many of them children – halving the mortality rate of malaria during the past 15 years. Youyou Tu shared the 2015 Medicine Prize with William C. Campbell and Satoshi Ōmura for having provided humankind with powerful new means to combat some of the world’s most devastating parasitic diseases.

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