No Cash Equals No Bank Robberies in Denmark

Denmark recorded zero bank robberies in 2022 as it continued moving towards a cashless economy.

Robbers in the Scandinavian country have moved away from bank hold-ups, as banks have improved security and cut back on cash services at their branches in response to a decline in the use of paper money, Bloomberg News reported Tuesday (Jan. 3), citing data from trade group Finance Denmark.

“By continuing to develop new payment solutions, we can maintain a development away from cash — less cash, less crime,” Finance Denmark said in its report.

Denmark had just one bank robbery in 2021, compared to 222 in 2002, Finance Denmark found. A separate report shows a similar drop in the number of attacks on ATMs: there were 18 in 2016, and none in 2021, the last year data was available.

This is happening at a moment when several European governments have taken steps to protect the rights of consumers and businesses to continue using cash, often in nations that were the furthest along in becoming cashless.

For example, PYMNTS wrote last month, Sweden’s government moved to protect people’s access to cash services and stem the tide of bank branch and ATM closures in 2020 following years of pressure from rural groups and consumer associations.

Following Sweden’s lead, the Netherlands announced in April 2022 that 23 organizations signed a “Cash Covenant” to make sure cash still functions as a payment method at the point of sale.

At the same time, European countries are recognizing the role large cash transactions play in the “shadow economy,” and are acting accordingly. Among them is the Netherlands, which is set to place a ban on cash payments higher 3,000 euros to reduce money laundering.

“In fact, the assumption that large cash transactions are connected to money laundering and general criminality is deeply embedded in EU economic orthodoxy,” PYMNTS wrote.

The European Central Bank has already ceased issuing 500 euro notes, saying the move was out of concern that “this banknote could facilitate illicit activities.”

And a Harvard study found that high denomination bank notes “are the preferred payment mechanism of those pursuing illicit activities, given the anonymity and lack of transaction record they offer, and the relative ease with which they can be transported and moved.”

That report observes that 500 euro notes worth $1 million weigh just 2.2 kg. This means that the $5 million dollars worth of cash can fit into a standard 15-liter briefcase, far more than the equivalent value in $100 bills.