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Tuesday, November 3, 2020

Singapore to stop issuing S$10,000 notes in 2021 over money laundering fears

 

MAS halted the printing of the S$10,000 bill in 2014.

SINGAPORE: Singapore will stop issuing S$10,000 banknotes effective Jan 1, a move the Monetary Authority of Singapore (MAS) said will reduce the risk of money laundering and terrorism financing.

Until December, MAS will be issuing a limited number of the notes each month.

According to a report by Channel News Asia, MAS said the decision was made as a “pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes”.

It added that large denomination notes allowed individuals to transport large sums of money anonymously.

“The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes.”

Existing S$10,000 notes will remain legal tender, and banks will be allowed to recirculate existing bills that are deposited with them.

MAS added that other denominations would be made “in sufficient quantities” to meet the expected increase in demand, particularly of the next highest denomination note, the S$100 bill.

In 2014, Singapore stopped issuing S$10,000 notes, which at the time was one of the world’s most valuable banknotes.

MAS also encouraged the public to adopt electronic payment practices through platforms like PayNow and FAST.

“The development of more advanced and secure electronic payment systems has reduced the need for large value cash-based transactions,” MAS deputy managing director Ong Chong Tee had said. - FMT

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