Singapore scraps 1,000 dollar banknote to combat money laundering

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has officially announced that it will discontinue the issuance of the 1,000 Singapore dollar note from January 1, 2021.

From now until end-December 2020, only a limited quantity of S$1,000 notes will be made available each month, 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,” the statement went on.

The authority added the move is aligned with international norms, adding that major jurisdictions have already stopped issuing large denomination notes.

It noted that existing S$1,000 notes in circulation will remain as legal tender and can continue to be used as a means of payment.

“Banks can continue to recirculate existing S$1,000 notes that are deposited with them,” it said.

MAS said it will make available sufficient quantities of other denominations, particularly the S$100 note – which is the next highest denomination after the $1,000 note – to meet cash demand.

1,000 Swiss franc remains note with highest value globally

The move follows similar steps other countries are taking to abolish higher-denomination notes.

The European Central Bank voted to end production and stop the issuance of the 500-euro note by 2018, at which point the newly released 200-euro banknote became be the highest circulating paper money denomination in the eurozone.

The S$1,000 banknote is among those with the highest currency value worldwide in circulation. Others with high value are, for instance, the 200-euro note, the $100 note, the 100 Canadian dollar note the 50 Kuwaiti rial note.

However, the highest-value banknote globally remains the 1,000-Swiss franc note, which has an equivalent of $1,092 or 922 euros and has just been released in a newly designed series with, naturally, highest forgery-proof features.



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Singapore’s central bank, the Monetary Authority of Singapore (MAS), has officially announced that it will discontinue the issuance of the 1,000 Singapore dollar note from January 1, 2021. From now until end-December 2020, only a limited quantity of S$1,000 notes will be made available each month, 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,” the statement went on. The authority added the move is aligned with international norms, adding that major jurisdictions have already stopped issuing large denomination notes. It noted that existing...

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has officially announced that it will discontinue the issuance of the 1,000 Singapore dollar note from January 1, 2021.

From now until end-December 2020, only a limited quantity of S$1,000 notes will be made available each month, 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,” the statement went on.

The authority added the move is aligned with international norms, adding that major jurisdictions have already stopped issuing large denomination notes.

It noted that existing S$1,000 notes in circulation will remain as legal tender and can continue to be used as a means of payment.

“Banks can continue to recirculate existing S$1,000 notes that are deposited with them,” it said.

MAS said it will make available sufficient quantities of other denominations, particularly the S$100 note – which is the next highest denomination after the $1,000 note – to meet cash demand.

1,000 Swiss franc remains note with highest value globally

The move follows similar steps other countries are taking to abolish higher-denomination notes.

The European Central Bank voted to end production and stop the issuance of the 500-euro note by 2018, at which point the newly released 200-euro banknote became be the highest circulating paper money denomination in the eurozone.

The S$1,000 banknote is among those with the highest currency value worldwide in circulation. Others with high value are, for instance, the 200-euro note, the $100 note, the 100 Canadian dollar note the 50 Kuwaiti rial note.

However, the highest-value banknote globally remains the 1,000-Swiss franc note, which has an equivalent of $1,092 or 922 euros and has just been released in a newly designed series with, naturally, highest forgery-proof features.



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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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