The move comes as a pre-emptive measure to mitigate the higher risks of money laundering and terrorism financing associated with large denomination notes. Such notes allow individuals to carry large amounts of money anonymously and can facilitate the risk of money laundering and other activities.
The Monetary Authority of Singapore (MAS) says it plans to discontinue the issuance of the $1,000 note from Jan 1, 2021.
From now till Dec 2020, a limited quantity of such notes will be made available each month, announced the central bank on Nov 3.
