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The Netherlands, Belgium, France, Italy and Spain together petitioned the European Commission to limit the amount you can pay in cash within the European Union to 5 thousand euros. They also asked that the 500 euro note be taken out of circulation, caretaker Finance Minister Wopke Hoekstra said in a letter to parliament, NOS reports.

Both these measures are intended to help combat organized crime and money laundering. Cash poses a major risk as it is anonymous and untraceable. This makes it the ideal tool for money laundering, terrorist financing, drug trafficking, human trafficking, and tax evasion, among other things, the countries said in their petition.

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