The 1000-krone banknote is used by criminals engaged in various criminal activities, as cash is easy to hide and difficult for the police to trace. The sums can be very large indeed, and therefore in some cases it can be worthwhile for criminals to pay others to dispose of their 1000-krone banknotes to avoid exposure as money launderers.
Until now, criminals have used money mules – the term given to people who help criminals launder money – to withdraw cash for them and in this way launder ‘black money’ in a bank account into cash. With the prospect of the 1000-krone banknote no longer being legal tender after 31 May 2025, some of this ‘traffic’ is expected to go the other way: That criminals get mules to deposit the criminals’ cash into the mule’s account and then transfer it to accounts controlled by the criminals. In this way, the criminal can have black cash transferred to his account without doing it himself.
Participating in money laundering is a criminal offence
Money laundering is illegal, and by depositing cash into your account and transferring it to someone else, you risk being involved in serious financial crime. Whether you get paid to participate or not. It is a criminal offence, and can result in a criminal record as well as a fine or imprisonment.
Watch out if you get approached
Criminals use a range of methods to find mules who can launder money for them. It happens, for example, by approaching people in the street and in bars and nightclubs etc. and asking for help. For example, under the pretext that they are going travelling and are unable to deposit the money themselves.
Therefore, watch out if someone asks you to help them dispose of their 1000-krone banknotes as it might well be an attempt to get you to launder money.
Has the damage been done?
If you have been tricked into becoming involved in money laundering, you should report it to the police.