The Monetary Authority of Singapore (MAS) announced on Tuesday (3 Nov) that it will discontinue the issuance of the S$1,000 note from 1 January next year to mitigate money laundering and terrorism financing risks associated with large denomination notes.
The MAS released a statement earlier today noting that it will limit the quantity of the S$1,000 notes issued each month from now until December.
“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,” it stated.
Additionally, the MAS said that it will make available sufficient quantities of other denominations to meet demand, particularly the S$100 note – which is the next highest denomination after the S$1,000 note.
It also encourages people to use electronic payments such as PayNow and FAST instead of carrying large denomination notes.
“Large denomination notes allow individuals to carry large values of money anonymously, and can facilitate ML [money laundering] and other illicit activities,” said the agency.
The MAS added that most major jurisdictions have stopped issuing large denomination notes due to money laundering and terrorism financing concerns.
“The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes,” it remarked.
