The Monetary Authority of Singapore (MAS) plans to discontinue the issuance of SGD 1,000 banknotes from 1 January 2021.
MAS said in a media statement it hopes to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes.
“The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes,” the statement read.
MAS added that existing SGD 1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment.
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