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May 23, 2017

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Singapore to stop issuing SG$10,000, fight laundering

SINGAPORE--Singapore's central bank said Thursday it would stop issuing SG$10,000 (US$8,000) notes to help deter money laundering.

A spokeswoman for the Monetary Authority of Singapore said the decision was "a pre-emptive move to mitigate the higher money laundering risks associated with large value cash transactions."

Notes currently in circulation will remain legal tender but stocks are expected to decline over time as worn notes are returned and not replaced, the monetary authority spokeswoman told AFP.

The central bank's comments come days after an Indonesian financial watchdog urged Singapore to immediately withdraw all SG$10,000 notes instead of just discontinuing them.

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