Home News MAS discontinues S$1,000 note issuance to pre-empt white collar crime

MAS discontinues S$1,000 note issuance to pre-empt white collar crime

This move is to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes

Author

Date

Category

- Advertisement -

The Monetary Authority of Singapore (MAS) announced on Tuesday (3 Nov) that it plans to discontinue the issuance of the S$1,000 note from 1 January 2021. From now until December 2020, a limited quantity of S$1,000 notes will be made available each month.

This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing (ML/TF) risks associated with large denomination notes. The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes.

Existing S$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 S$1,000 notes that are deposited with them. MAS will make available sufficient quantities of other denominations, in particular the S$100 note which is the next highest denomination after the S$1,000 note, to meet demand.

MAS encourages everyone to use electronic payments such as PayNow and FAST. To find out more, click here and here.Follow us on Social Media

- Advertisement -

Send in your scoops to news@theindependent.sg 

No tags for this post.
- Advertisement -

Van beats traffic light and almost hits a woman pushing a baby in a stroller

Singapore - A Toyota Hiace van beat the traffic light and almost hit a woman who was crossing the road, pushing a baby in a stroller. Camera footage from another car showed that the Toyota Hiace driver picked up speed instead of...

Man stages Crazy Rich Asian-like mahjong scene to propose to girlfriend

Singapore—Proposal stories are always heartwarming if the other party responds with an ecstatic “yes!” But they’re pretty run-of-the-mill, as people have been coupling up since Adam and Eve. And there are proposals that are so OTT, we just have to write about them—and...

A room in Khatib advertised for S$550/month turns out to be a partitioned space

  Singapore – A member of the public took to social media to inquire if it was reasonable to pay S$550 a month for a partitioned space advertised as a room for rent in Singapore. One Fvyn Hedkandee took to Facebook on May...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

No tags for this post.
Theindependent