Criminal links of €500 banknote could spell its demise

Several European countries favour high-value banknotes, but law enforcement authorities are less convinced

He had the tastes of a typical millionaire. He owned a gold and silver Rolex and a fleet of expensive cars. He liked to dabble in modern art. But although this Chinese businessman had several companies and a palatial villa in the Madrid suburbs, he had almost no money in the bank, a detail that piqued the interest of Spanish authorities.

Gao Ping, who had lived most of his adult life in Spain, had a monopoly on supplies to 4,000 Chinese bazaars across the Mediterranean country. But authorities suspected he was not paying taxes on the clothes, furniture and other goods he was importing from China.

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