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SINGAPORE: Singapore will stop issuing Singaporean $ 1,000 banknotes from January 1 of next year to reduce the risks of money laundering and terrorist financing, the Monetary Authority of Singapore (MAS) said on Tuesday (November 3).
From now until December, a limited quantity 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 banknotes,” said MAS, noting that large-denomination banknotes allow people to carry large amounts 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.”
Singaporean $ 1,000 banknotes in circulation will remain legal tender and may continue to be used as a means of payment. Banks can continue to recirculate existing $ 1,000 bills that are deposited with them, MAS said.
He added that other denominations will be available “in sufficient quantities” to meet demand, particularly the S $ 100 bill, which is the next highest denomination.
The public is also encouraged to use electronic payments such as PayNow and FAST.
Singapore stopped issuing Singapore $ 10,000 banknotes in 2014, then one of the most valuable banknotes in the world.
“The development of more advanced and secure electronic payment systems has reduced the need for high-value cash transactions,” said MAS Deputy Managing Director Ong Chong Tee.
