Tuesday, December 1, 2020

Singapore to stop issuing $1,000 notes over money laundering concerns


The Monetary Authority of Singapore (MAS) will stop issuing the $1,000 note from January next year, to minimise the money laundering and terrorism financing risks associated with such a large denomination.

From now till January, the MAS will also limit the quantity of $1,000 notes issued each month, although banks can continue recirculating the existing $1,000 notes that have been deposited with them, it said in a statement on Tuesday (Nov 3).

- Advertisement -

It added that it will “make available sufficient quantities of other denominations” to meet demand, in particular the $100 note, which is the next highest denomination after the $1,000 note.

Existing $1,000 notes in circulation can continue to be used for payment, and remain legal tender.

- Advertisement -

In its statement, the agency also encouraged the public to use electronic payments instead of large denominations, which it said allows individuals to anonymously carry large sums of money, and can thus facilitate illicit activities like money laundering.

The agency noted that most major jurisdictions have stopped issuing large denomination notes because of money laundering and terrorism financing concerns.


Subscribe For More

Get our daily notification on the latest financial crimes news around the World

- Affiliate Products -


Latest News

This Week

Sierra Leone’s former president Koroma faces corruption, money laundering allegations

Sierra Leone’s former president Ernest Bai Koroma was interrogated by lawyers acting for the country’s Anti-Corruption Commission (ACC), after the publication of a Government...

Hawaii ex-police chief and wife jailed in theft conspiracy scheme

Katherine and Louis Kealoha, once seen as pillars of Hawaii’s law enforcement community, will spend the next several years in federal prison. On Monday morning,...

Former Tangipahoa Parish Sheriff’s Office employee charged in bribes for bond scheme

A Tangipahoa Parish Sheriff's Office employee has been charged with taking bribes in exchange for fraudulent bonds to release inmates from the parish jail,...

Texas AG Ken Paxton accused of corruption fires another whistleblower

The Texas attorney general’s office has fired the last remaining whistleblower who alleged Ken Paxton broke the law in doing favors for a political donor —...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    OK No thanks