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SINGAPORE: The Monetary Authority of Singapore (MAS) announced its plan to suspend the issuance of the S $ 1,000 note as of January 1, 2021.
The central bank said that from now until December 2020, a limited number of Singaporean $ 1,000 banknotes will be available each month.
“This is a preventive measure to mitigate the increased money laundering and terrorist financing risks associated with large denomination notes,” it said in a statement here.
MAS said the measure is in line with international standards, adding that major jurisdictions have already stopped issuing large-denomination banknotes.
He noted that the 1,000 Singaporean dollar bills in circulation will remain legal tender and may continue to be used as a means of payment.
“Banks can continue to recirculate the S $ 1,000 notes that are deposited in them,” he said.
MAS said it will make available sufficient quantities of other denominations, notably the Singaporean $ 100 note, which is the next highest denomination after the $ 1,000 note, to meet demand. – Bernama
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