MAS stop issuing S$10,000 notes to prevent money laudering

[krafty]

why huh...me also wondering why 10k note is so vulnerable? counterfeit printing...?

What is the rationale of $10,000 note correlated to ML?

 

[red amoeba]

It is my dream to one day hold a thousand dollar note even for 5 min. Looks like I need to upgrade my dream to hold a ten thousand dollar note.

But w my paltry pay I guess it's a far fetched dream.

 

[Glaringly]

What is the rationale of $10,000 note correlated to ML?

The note is big enough for you to fold it into a paper aeroplane. You can then throw it across the immigration checkpoint at causeway to the receiving party.

 

[laksaboy]

Aiyoh, pappies, why be so paiseh? You had meticulously designed and transformed Singapore into a money laundering hub (a.k.a 'financial hub') for economic growth, now you want to act decent and prove your innocence by removing $10k notes in circulation.

Besides, most of the money laundering activity is digital: it's just some numbers changing on a computer screen. You most certainly need not carry around wads of dollar notes in a briefcase. You're not handing over ransom to a kidnapper.

 

[Jah_rastafar_I]

How do you come across these kinds of notes? From a bank? From the casino?

 

[laksaboy]

How do you come across these kinds of notes? From a bank? From the casino?

From inside an ang pow given by a very wealthy and generous acquaintance.

 

[johnny333]

How do you come across these kinds of notes? From a bank? From the casino?

Just ask at the bank.

When I need to transfer $ from one bank to another I usually ask for the largest bills. It saves pocket space & time because the bank tellers don't have to count smaller bills

Just wanted to add that another reason to bring larger bills($1,000 or more) to LOS is that some money changers will give you a better rate

 

[Poomer]

Action a bit for show. Whats new? SG Govt wayang skill is top notch.

 

[Jah_rastafar_I]

From inside an ang pow given by a very wealthy and generous acquaintance.

what if they don't give in a 10k note

 

[Froggy]

How do you come across these kinds of notes? From a bank? From the casino?

Just go to bank and ask for them, may not have but if have can change. Be prepared that they will sure ask for your NRIC and copy down the note serial number and your NRIC number. You ask why they say its a regulation by MAS. You ask if they will submit the info to MAS they say no but just in case "someone" need to check and will also assure you that it good security for you in case someone stole it from you, ya like real.

Anyway since the casino opened its getting rarer and rarer to find it in the bank.

 

[jw5]

Please remember that paper can tear, turn colour and fly away easily.

a friend of mine placed a ten grand in an envelope, sealed it up, absent-mindedly threw it away thinking it was trash. true story.

So the money essentially flew away and your friend's face I'm sure turned colour........................................

 

[blissquek]

Action a bit for show. Whats new? SG Govt wayang skill is top notch.

Yes..they lack sincerity..

it is well known that many rich keep their holdings in cash here.....$10,000 and $1000 bills.

If they really out to prove a point, they have to remove the $1000 bill as well..

China, the world second largest economy has only Rmb 100 as their largest note, which is about S$20 only in value.

 

[zhihau]

So the money essentially flew away and your friend's face I'm sure turned colour........................................

not really, that absent-minded friend of mine waited patiently for the rubbish chute collectors to come along the next morning, eventually found the envelope within the that bin of trash. lucky thing is she bags her paper-related trash faithfully :o:o:o

 

[jw5]

not really, that absent-minded friend of mine waited patiently for the rubbish chute collectors to come along the next morning, eventually found the envelope within the that bin of trash. lucky thing is she bags her paper-related trash faithfully :o:o:o

Heng ahhhhhh................................. :o

 

[Jah_rastafar_I]

Just go to bank and ask for them, may not have but if have can change. Be prepared that they will sure ask for your NRIC and copy down the note serial number and your NRIC number. You ask why they say its a regulation by MAS. You ask if they will submit the info to MAS they say no but just in case "someone" need to check and will also assure you that it good security for you in case someone stole it from you, ya like real.

Anyway since the casino opened its getting rarer and rarer to find it in the bank.

Honestly speaking it seems like the 10k note is best used to show off or to take photos to show off. The note won't be used for what the primary purpose of notes are used for which is to pay for something.

 

[cunt_opener]

Does it mean that SG Money Laundering Hub is going to Close Shop soon?

 

[Froggy]

Honestly speaking it seems like the 10k note is best used to show off or to take photos to show off. The note won't be used for what the primary purpose of notes are used for which is to pay for something.

I don't think people use it to show off la in fact people who have probably will want to keep it quietly. Well one can use it to bye something because its legal tender but not many joints could give you change unless the transaction is close to 10k.

 

[jw5]

I don't think people use it to show off la in fact people who have probably will want to keep it quietly. Well one can use it to bye something because its legal tender but not many joints could give you change unless the transaction is close to 10k.

Yes, I forgot to mention that in addition to being easy to tear, turn colour or fly away, it can also be taken away from the owner by someone who snatches quickly and runs very fast.

 

[johnny333]

Yes, I forgot to mention that in addition to being easy to tear, turn colour or fly away, it can also be taken away from the owner by someone who snatches quickly and runs very fast.

Banks that give out these notes track the serial numbers. If they receive a stolen note they will have to report it to the police. If you happen to be the owner of a stolen note, the note will be confiscated if you try to bank it. You will of course have to explain to the police how you got the note

 

[Narong Wongwan]

I don't think people use it to show off la in fact people who have probably will want to keep it quietly. Well one can use it to bye something because its legal tender but not many joints could give you change unless the transaction is close to 10k.

Me no businessman but the places where these notes are regularly used....
Casinos, high end nightclubs, branded boutiques. They are more common than you think.