Discontinuation of $1,000 Note Issuance to Pre-empt Money Laundering and Terrorism Financing Risks

Discontinuation of $1,000 Note Issuance to Pre-empt Money Laundering and Terrorism Financing Risks

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

2   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.

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

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