Singapore to stop issuing $1,000 note to reduce risks of money laundering, terrorism financing

·Editorial Team
·1-min read
Singapore will stop issuing its $1,000 note from 1 January 2021. (PHOTO: Monetary Authority of Singapore)
Singapore will stop issuing its $1,000 note from 1 January 2021. (PHOTO: Monetary Authority of Singapore)

SINGAPORE — Singapore will stop issuing the $1,000 note from 1 January next year, in a pre-emptive measure to lower the risks of money laundering and terrorism financing.

In a media release on Tuesday (3 November), the Monetary Authority of Singapore (MAS) said that from now until December, only a limited quantity of $1,000 will be made available each month.

“This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes,” MAS said in the media release.

It said that large-denomination notes allow individuals to carry large values of money anonymously, and can facilitate money laundering and other illicit activities. Most major jurisdictions have stopped issuing large-denomination notes in light of such concerns, said the MAS.

Notes in circulation remain legal tender

MAS said that existing $1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment. Banks can continue to recirculate existing $1,000 notes that are deposited with them.

In order to meet demand, MAS will also make available sufficient quantities of other denominations – in particular the $100 note, which is the next highest denomination after the $1,000 note.

The authority encourages the public to use electronic payments such as PayNow and FAST.

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