The Colombian government is considering changing high denomination bank notes in a bid to freeze money earned from organized crime.
Finance Minister Oscar Iván Zuluaga revealed that the government first raised the issue with the Central Bank of Colombia when the DMG pyramid scheme collapsed last year.
The suggestion was raised again by Senator Guillermo García in a senate debate over the economic crisis. García suggested the creation of a new 50,000 peso note would require people to exchange old bills for new, which in turn could unearth vast quanities of illegally gained money that criminal groups are believed to have hidden.
García said he would ask the Central Bank of Colombia if changing the bills was a viable option.
According to figures mentioned by Senator Camilo Sánchez, the underworld economy equates to two points of the Colombian GDP, which in monetary value is 10 billion pesos.
