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Tue, November 03, 2020 – 11:44 am
The Monetary Authority of Singapore (MAS) will suspend the issuance of the S $ 1,000 note from January 1, 2021.
From now until December 2020, a limited quantity of Singaporean $ 1,000 banknotes will remain available each month.
“This is a preventive measure to mitigate the increased money laundering and terrorist financing risks associated with large-denomination banknotes,” the central bank said in a press release on Tuesday.
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 S $ 1,000 bills that are deposited with them.
To meet demand, MAS will make available sufficient quantities of other denominations, in particular the S $ 100 note, the next highest denomination after S $ 1000.
He also encouraged everyone to use electronic payments like PayNow and Fast.
MAS’s move is aligned with international standards, and major jurisdictions have also stopped issuing large denominations in light of concerns about money laundering and terrorist financing. For example, the European authorities stopped the printing of the 500 euro note last year.
Large-denomination banknotes allow people to carry large amounts of money anonymously and thus can facilitate illicit activities.
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