THE introduction of euro notes and coins on January 1 will make it easier to launder money in Europe, according to a North-East expert.
Paul Williamson, office senior partner at Deloitte and Touche in Newcastle, said: "Crime syndicates will be able to move the single currency around with enormous ease.
"The euro will be easily convertible from country to country, enabling gangs to work increasingly cross-border.
"The police will still be constrained by national boundaries, making it impossible to track down where the money is moving."
It will be particularly difficult to detect money laundering when euro cash first arrives, and banks struggle to change currency for customers.
In France, banks will be able to accept deposits of under 10,000 euro until June 30 next year, with special immunity from penal sanctions on dubious transactions.
Mr Williamson said: "While this will clearly help those customers who wish to deposit francs that have been stockpiled through the mattress-stashing culture, it creates a window of opportunity for those wishing to launder money."
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