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

[duluxe]

https://www.mas.gov.sg/news/media-releases/2020/discontinuation-of-thousand-dollar-note-issuance


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.

4 MAS encourages everyone to use electronic payments such as PayNow and FAST. To find out more, please visit https://www.mas.gov.sg/development/e-payments and https://www.mas.gov.sg/regulation/payments .

 

[Dr Christopher Cheok C S]

It is our attempt to support e-wallets.

 

[CPTMiller]

Singapore damn joker.
Stop issue notes to stop money laundering.......

 

[bobby]

Which fuck country issues $1,000 & $10,000 currency notes ???

 

[blissquek]

Which fuck country issues $1,000 & $10,000 currency notes ???

 

[blissquek]

They are not sincere . US withdrew the $1000 n $500 bills in 1995 . N Treasury secretary then , Larry Summer planned to kill/ withdraw the usd$100 bill .
We are some 25 years late n then they are not even withdrawing the $1000 bill from circulation..!!
And the laundering still goes on ..

 

[sweetiepie]

KNN my uncle think more money to pick when denomination leeduce KNN

 

[syed putra]

Which fuck country issues $1,000 & $10,000 currency notes ???

Maybe EU?

 

[CPTMiller]

https://www.mas.gov.sg/news/media-releases/2020/discontinuation-of-thousand-dollar-note-issuance


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.

4 MAS encourages everyone to use electronic payments such as PayNow and FAST. To find out more, please visit https://www.mas.gov.sg/development/e-payments and https://www.mas.gov.sg/regulation/payments .

Its a joke.
Look.
So many types expect us to use which one??
Compare with China or. Malaysia you see the difference.

 

[CPTMiller]

Singapore e payment is a joke.
So small country cannot even set a standard type

 

[laksaboy]

Here's a nice tip: if you really want to stop money laundering, clamp down on cryptocurrency.

 

[laksaboy]

Singapore e payment is a joke.
So small country cannot even set a standard type

One more new standard = one more new crony mouth well-fed.

Lee Hsien Loong likes variety, observe the plethora of electricity retailers.

 

[CPTMiller]

That's why what is first world country?

 

[bonds]

KNN my uncle think more money to pick when denomination leeduce KNN

K.N.N.

Next time, no use money.
Use Sbf points to buy things.
KNN , betterest?

 

[Leongsam]

Here's a nice tip: if you really want to stop money laundering, clamp down on cryptocurrency.

How do you do that?

 

[red amoeba]

Follow CCP biggest currency only 100 bills.

 

[syed putra]

The big notes was a good way to move money across borders.