May 14 2016
The Republic is continuing to monitor the use of high-value local currency bills, even as the amount of S$10,000 notes in circulation declines, as it keeps up the drive against money laundering.
The Monetary Authority of Singapore (MAS) discontinued the issuance of the S$10,000 note, one of the highest-value denominations in the world, in October 2014 in a pre-emptive move to mitigate the higher money-laundering risks associated with large-value cash transactions. To hasten the withdrawal of the note from general circulation, the MAS also instructed banks to stop recirculating the note from October 2014, said a spokesperson for the central bank earlier this week. The shady use of high-value notes hit the headlines after the European Central Bank announced last week the phasing out of the €500 (S$779) bank note by the end of 2018, acknowledging it played a role in money laundering and financing terrorism. The next highest denomination is the €200 note. In the United States, the highest denomination is the US$100 (S$137) note after the Federal Reserve discontinued the US$500, US$1,000, US$5,000 and US$10,000 notes in 1969. In the banking hub of Switzerland, the highest denomination is the 1,000-franc note (S$1,410), which is in limited supply.