500 euro bill is being killed off

The European Central Bank is phasing out the €500 banknote, in part because of its links to criminal activity.

This marks the beginning of the end of the 500 euro bill.

The European Central Bankannounced Wednesday that it will phase out the 500 euro banknotebecause of concerns that this banknote "could facilitate illicit activities."

"There is a pervasive and increasing conviction in the worldof public opinion that high denomination banknotes are used for criminal purposes," said ECB president Mario Draghi earlier in the year in response to a journalist's question about the future of Europe's most expensive bill.