Peter Sands, former chief executive of Standard Chartered Bank in the UK has called for the elimination of high denomination bank notes, including the $100 bill and £50 note, in order to crack down on illicit cash flows.
High-value notes issued by rich countries are the "currency of corrupt elites, of crime of all sorts and of tax evasion", Mr Sands said.
"They play little role in the functioning of the legitimate economy, yet a crucial role in the underground economy," he added. "The irony is that they are provided to criminals by the state."
Banning the notes would not stop crime, but it would make hiding transactions more costly and more difficult, Mr Sands said. His report comes after the European Commission said last week it would investigate the use of €500 notes.