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SINGAPORE: Singapore will stop issuing Singapore $ 1,000 banknotes from January 1, a move that, according to the Monetary Authority of Singapore (MAS), will reduce the risk of money laundering and terrorist financing.
Until December, MAS will issue a limited number of notes each month.
According to a CNA report, MAS said the decision was made as a “preventive measure to mitigate the increased money laundering and terrorist financing risks associated with large denomination notes.”
He added that high-value bills allowed people to transport large sums of money anonymously.
“The measure is in line with international standards and the main jurisdictions have already stopped issuing banknotes of such a large denomination.”
The Singaporean $ 1,000 banknotes will remain legal tender and banks will be able to recirculate existing banknotes that are deposited in them.
MAS added that other denominations would be made “in sufficient quantities” to meet the expected increase in demand, particularly for the next highest denomination bill, the S $ 100 bill.
In 2014, Singapore stopped issuing S $ 10,000 banknotes, which at the time was one of the most valuable banknotes in the world.
MAS also encouraged the public to adopt electronic payment practices through platforms such as PayNow and FAST.
“The development of more advanced and secure electronic payment systems has reduced the need for high-value cash-based transactions,” said MAS Deputy Managing Director Ong Chong Tee.
