Singapore to stop printing S$1,000 notes to reduce money laundering risk
1 min read . Updated: 03 Nov 2020, 10:41 AM IST
Premium- From now until Dec, a limited quantity of S$1,000 notes will be made available each month, the MAS said
- Existing notes will remain legal tender and banks can continue to re-circulate the notes, it added
Singapore will stop issuing S$1,000 banknotes from 1 January next year, its central bank said on Tuesday, to curb the risk of them being used for money laundering and terrorism financing risks.
From now until December, a limited quantity of S$1,000 notes will be made available each month, the Monetary Authority of Singapore (MAS) said.
Existing notes will remain legal tender and banks can continue to re-circulate the notes, the MAS said in a statement.
"This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes," said MAS, noting that large denomination notes allow individuals to carry large values of money anonymously.
"The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes," it added.
Countries around the world have been looking to phase out high denomination notes for years over concerns they are used predominantly for criminal activity. European authorities halted the printing of the 500 euro note last year.
The citizens have also been encouraged to use electronic payments such as PayNow and FAST.
