Singapore to stop printing $1,000 banknotes from 2021
Existing $1,000 notes in circulation can continue to be used for payment, and remain legal tender.
PHOTO: Mas.gov.sg
PUBLISHED ONNovember 03, 2020 5:23 AM
SINGAPORE - Singapore will stop printing $1,000 banknotes from Jan 1 next year, its central bank said on Tuesday, to curb the risk of them being used for money laundering and to finance terrorism.
Existing notes will remain legal tender and banks can continue to re-circulate the notes, the Monetary Authority of Singapore said in a statement.
Countries around the world have been looking to phase out high denomination notes for years over concerns they are used predominantly for criminal activity. European authorities halted the printing of the 500 euro (S$790) note last year.