Following on from my post yesterday about who may have been responsible for the banning of the 500 Euro note in the UK, FT Alphaville has an article of it’s own with a quite sensible suggestion that seems to be beyond the wit of our Serious and Organised Crime Agency :

SOCA – does the ‘C’ stand for clowns?

This must be one of the most laughable pieces of cop ploddery ever seen in Britain.The country’s Serious and Organised Crime Agency, fresh from helping the FSA supposedly smash an alleged high class City insider dealing ring, has blocked off the supply of €500 notes in the UK because…

…evidence from SOCA showed that over 90% of UK demand came from criminals.

Here’s SOCA deputy director Ian Cruxton, bragging about the move:

There is no doubt that the main UK demand for the €500 note comes from serious organised criminals. The banknote wholesalers have shown decisive leadership in withdrawing supply. This is a bold and welcome move which will cause substantial disruption to criminals’ ability to move and launder large quantities of cash.

He doesn’t tell us why his officers didn’t think of actually following the money to the crims and then arresting them.

It does appear that this whole ban is actually a gentleman’s agreement between the banknote wholesalers and SOCA which is the kind of grubby, underhand, non-democratic occurrences that belong in a third world dictatorship. Our new government certainly has plenty of shit to shovel out before they can even get to see the stable floor.